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China didn’t put SL into a debt trap: Envoy

2018-10-05 19:12:25
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The Chinese Government did not get Sri Lanka into a debt trap by lending money to it,” Sri Lankan Ambassador to China Karunasena Kodituwakku has said.

“If anybody is saying that the Chinese government lent money to us to put Sri Lanka into a debt trap, I don't agree with that statement. It's an absolutely wrong conclusion,” Kodituwakku told CGTN's "The Point".

He said the Chinese government assisted Sri Lanka to build the Hambantota project and that it was up to the Government of Sri Lanka to decide whether to build on the basis of feasibility studies, then to make business decisions.

"Of course, we have difficulties in paying back the loan, however the Chinese government never asked us to hand the Port over to them or to the Chinese venture in question. It was a proposal that came from Sri Lanka, asking to enter into a partnership with China,” he added.

As a response to media concerns that China is ‘militarising’ the Port, Kodituwakku pointed out that "in Sri Lanka's case from the very beginning we very clearly indicated to the Chinese side that it was only an economic venture."

He said Sri Lanka does not allow anybody to interfere with the security of Sri Lanka.We took a decision to shift a naval base to Hambantota Port in July, Kodituwakku explained, adding “The security of the Hambantota Port, the territorial integrity of Sri Lanka in the Indian Ocean, is entirely a matter for the Sri Lankan security forces to worry about. China never asks us to compromise on this aspect."

Kodituwakku said he remains optimistic over the long-term prospects of the Port and the future of Sri Lanka's role in an emerging Asia.


  Comments - 35

  • Unchikun Friday, 5 October 2018 19:29

    There he blows again. The same party and two different views. Can this gentleman please explain why we had to lease out the Hambanthota port for 99 years. Then we have a better picture.

    Reply : 25       37

    Kris Friday, 5 October 2018 20:19

    Were you born dumb or is it your lifetime achievement?

    Reply : 12       29

    Ravi Friday, 5 October 2018 22:22

    Read under the tongue of the Ambasssdor, you will get the hidden message. This is a very cleaver Ambassador. Don’t undermine him. You will say the GOSL started to orchestrate like this till it willbe dropped to the floor sooner one day.

    Reply : 1       12

    Rajura Friday, 5 October 2018 22:44

    Hey,the whole country was taken over and exploited by the Europeans for four centuries and you are worried about just a port leased out for 99 years. Where is your perspective ?

    Reply : 8       21

    Fool Royal Saturday, 6 October 2018 06:58

    Wait amma son as ambassador. He He.....

    Reply : 3       8

    Premalal Saturday, 6 October 2018 09:36

    He is singing for his supper. looking like a better supper is coming from China

    Reply : 3       17

    Unchikun Friday, 5 October 2018 19:34

    Lovely! That connotes it was economic mismanagement by the present government. Now we need to remove such a government.

    Reply : 30       28

    Sammy Saturday, 6 October 2018 08:47

    Started off by the previous Govt. and burden passed onto present one.

    Reply : 7       27

    long memory Friday, 5 October 2018 19:40

    No, our own herd of buffaloes and their yes men got us into this.

    Reply : 3       44

    vithura Friday, 5 October 2018 20:03

    This is what happens when every T, D and H talks about project financing. The trap was in how the loan package was structured by the Chinese, giving little wiggle room and thus compelling the Govt to lease it back to them. The minimum the MR govt could have done was to look at loan shark models and they would have recognised what they were getting themselves into, that is if they had half a brain.

    Reply : 4       39

    Saman Friday, 5 October 2018 20:37

    Very true. Our governments did.

    Reply : 0       20

    kumar Friday, 5 October 2018 20:48

    What was the rate of interest? How did the Paksas get wealth? Who but a State with an ulterior motion would build an airport and a harbour in the wilderness? In November, the yanks are sending a powerful navy unit to make the point that the reef that the Chinese built and which is a very sensitive issue is not Chinese territory as they claim. IF, this leads to a confrontation be sure that we will also be in the midst. The harm, the damage and curse of this new "masters" who are also in Sigirya is a shameful event in our national history. Of course, the Ambassador is a well-cared for man.

    Reply : 6       27

    Satchi Friday, 5 October 2018 22:36

    If you look at from the perspective of what happened to Sri Lanka at the hands of the whites for 400 years then you would not get worked up by the Chinese in Hambantota or Sigriya. Remember the whites OWNED us like slaves in our own country.

    Reply : 12       6

    sam Friday, 5 October 2018 21:37

    You could be poorest of the poor, but still lead a life with a dignity. This spin-less fellow shows what he could say to save his diplomatic job. Shame on you!

    Reply : 4       23

    Rama Friday, 5 October 2018 21:45

    man, we know you will deny that sri lanka is in a debt trap. sri lanka is indebted to china left, right and centre and there is no means of repaying the huge loans. if you have no means to repay the huge debts surely you are in a debt trap. you don't have to be a rocket scientist to work that out. please don't fool, the people.

    Reply : 7       27

    Patriot Friday, 5 October 2018 22:40

    Man,this is the price we are prepared to pay to keep us safe from the Indian parasites.

    Reply : 12       8

    Jan Saturday, 6 October 2018 03:17

    What he is saying is China did not put us in the trap and not about we are in a debt trap or not. Its our foooools.

    Reply : 0       15

    GIA LANKA Friday, 5 October 2018 22:54

    HOW MUCH $$ DID CHINA PAY AS PAGGAR,TO THISHUTHIGAY PUTHA FROM LANKA,TO SING CHINA PRAISE

    Reply : 8       14

    S.P.Ramkumar Friday, 5 October 2018 22:55

    Sir, you are a grate econimist and politician but now diplomat. Your statement is very diplomatically crafted. However you are correct , When we need loan we don't care about interest, but when we repaid we are talking about high interest. If we paid interest higher than capital than we can ask them to wayoff capital don't worry.

    Reply : 2       7

    Tinkiriya Friday, 5 October 2018 23:08

    That's correct! Our successive governments did put us into this self made debt trap with uncontrolled borrowings. China was one of the few countries that was willing to loan ( even at high interest rates). The West embraced the LTTE and shunned us as a pariah state. China filled that void and their self interest just like any other country would.

    Reply : 3       10

    Jude Friday, 5 October 2018 23:17

    Hey China gives enormous amount of funding that ultimately leads into that country UNABLE to payback!!! Now that's the China's debt Diplomacy!!! Just ask Pakistanis and Maldives!!! Yeah!!

    Reply : 3       7

    mugunthan Friday, 5 October 2018 23:25

    MY DEAR SON,THEY CREATED THE SITUATION SO THAT YOU WOULD COME TO THEM.

    Reply : 0       7

    southpaw Friday, 5 October 2018 23:52

    If you said otherwise you will be given persona non grata by the Chinese Government. Your statement will only help you prolong your stay in China.

    Reply : 4       8

    Jude Saturday, 6 October 2018 00:54

    Well, beside SL, Djibouti, Kyrgyzstan, Laos, the Maldives, Mongolia, Montenegro, Pakistan and Tajikistan are some of the countries that are Over-loaded with Chinese Debt!! And leaders of those countries echoing the Same sentiment!!!

    Reply : 2       12

    AJ Saturday, 6 October 2018 02:14

    The Ambassador is well looked after by the Chinese, no doubt.

    Reply : 3       11

    ajith Saturday, 6 October 2018 02:54

    Don't panic everyone, He has to talk like that as Srilanka ambassador to China.

    Reply : 2       8

    Wele Vidane Saturday, 6 October 2018 03:03

    Your boss told us.

    Reply : 0       6

    Ranjanie54 Saturday, 6 October 2018 04:55

    Lol paid advertisement by PRC

    Reply : 3       8

    Jerome. Saturday, 6 October 2018 05:07

    A rare occasion An embasider gone mad, playing one-sided,

    Reply : 1       6

    Arnold Saturday, 6 October 2018 06:13

    This guy is good at playing with words!!China didn’t put SL into a debt trap, MR and RW put SL into China's debt trap!!

    Reply : 1       8

    Reader Saturday, 6 October 2018 06:43

    True. Our government and Finance Ministry persons are responsible. But no reputed lending agencies loan funds for projects unless they are fully satisfied that the receiver has the capacity to repay. So the lender also has to be take the blame.

    Reply : 1       5

    Dhammika Saturday, 6 October 2018 07:44

    CHINA DIDNT PUT SRI LANKA IN TO DEBT TRAP : Envoy . MaRa DID .

    Reply : 1       12

    Sammy Saturday, 6 October 2018 08:53

    What else can one expect from the ambassador to China! It is his job to be diplomatic even in the face of a grave economic situation as far as Chinese debt. is concerned. Yet, I agree it is previous SL Govt. shortsightedness.

    Reply : 0       8

    DG Saturday, 6 October 2018 09:32

    Not China. SL Government and Treasury officials are to blame.

    Reply : 0       10

    rbh Saturday, 6 October 2018 10:44

    Many of us have spent thousands of hours in business school. We've done internships. We go into great debt to fund and run way, Who goes a borrowing, goes a sorrowing. It ends with its beginning, like a closed circle and never lets you go away. many of us have spent thousands of hours in business school. We've done internships. We go into great debt to fund. See what happened to sri lanka tricksters need to build such in home town for populari.

    Reply : 0       2

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