Chinese spy ship reached the threshold of Sri Lanka, know how Dragon can give heavy punishment for friendship with India
China’s spy ship Yuan Wang 5 continues to move towards Hambantota port despite requests to postpone its visit to Sri Lanka. On Tuesday, Sri Lanka’s Foreign Ministry requested China to postpone the visit of Yuan Wang 5 after India’s protest. Instead of postponing the voyage, the Chinese ship increased its speed to apply pressure and has reached a mere 600 nautical miles from Hambantota. Meanwhile, experts have warned that if Sri Lanka stops the Chinese spy ship at the behest of India, then Dragon can stop it from receiving the bailout package from the IMF.
The Chinese ship has continuously changed its course in the Indian Ocean. The ship, which reached Indonesia, had reduced its speed on Tuesday and turned towards the Andaman and Nicobar Islands. However, on Wednesday morning it again turned towards Hambantota. Although his speed is still low. This ship is to stop at Hambantota port in Sri Lanka from 11 to 17 August. China has announced that it will continue to conduct scientific research in the deep sea, respecting the coastal countries and the law. China said that India’s objection is baseless.
Dragon may stop bailout package from IMF
This Chinese ship was built in the year 2007 and its capacity is 11 thousand tons. This ship will do satellite research work in the northern region of the Indian Ocean, which has raised India’s ears. The Hambantota port is 250 km from Colombo and was built on a loan from China. If the Sri Lankan government could not repay the loan, it gave it to China for 99 years. Meanwhile, according to the Economic Times report, if Sri Lanka does not allow China’s spy ship after India’s protest, then its bailout package from the International Monetary Fund can be stopped.
Indian sources say that China has played this card during the long talks with Sri Lanka. In fact, to get a bailout package from the IMF, one has to first get approval from the main lenders of the organization and a report is prepared for this. Analysts say that given the financial condition of Sri Lanka, this report is very negative. The IMF does not want its financial aid to increase Sri Lanka’s debt. At present, Sri Lanka has a debt of 115 percent of GDP.
Sri Lanka’s financial condition will worsen due to China’s move
According to the World Bank and the IMF, generally it should not exceed 60 to 65 percent for poor countries. China is also included in the countries that have given massive loans to Sri Lanka. For Sri Lanka to take the package from the IMF, it is necessary that China also agrees to the terms of the Monetary Fund. China will either have to delay or restructure its debt collection. In such a situation, the approval of China will be very important in taking loan from IMF. China can either delay or prolong this whole process. In both these cases, the financial condition of Sri Lanka will get worse. China can now trouble Sri Lanka by pretending to stop its ship. India has also given a loan of about $ 4 billion so that it can do the same, but New Delhi will not do it for the neighbor.
