Pakistan and Sri Lanka have been facing a dire financial crisis due to over-dependence on China for economic development. These countries are huge beneficiaries of economic assistance from China. China is using the debt-trap policy to gain access to strategic assets. These two countries have dug their own grave by seeking financial assistance from China. Other countries like Maldives, Tajikistan and Madagascar are also reeling under Chinese debt. Despite repetitive warnings, they fell into the debt trap. Pakistan and Sri Lanka have deep institutional and socialistic problems that have persisted for decades. Their downfall was inevitable, no matter who lent them money. Countries like Myanmar, Nepal, Bangladesh and Bhutan could also face similar ignominy and fall into China’s debt trap. This is a lesson for other countries not to fall prey to China’s debt-trap diplomacy.
