A top US diplomat said there are reasons to question the generosity of the Communist Party of China after looking at the ‘ One Belt One Road ‘ (OBOR) initiative over the years. Alice Wells, acting assistant foreign minister for South and Central Asia, alleged Thursday that Beijing never supported globally recognized transparent procedures for lending. Obor is a global development strategy adopted by the Chinese government, including infrastructure development and investment in 152 countries and international organizations in Asia, Europe, West Asia and the United States.
Wells said at a Wilson center think tank program that China is insisting on signing OBOR agreements to other countries worldwide and certainly in South and Central Asia. For this, he is referring to things like peace, cooperation, openness, inclusiveness. He said, “It is very good to hear, but there are reasons to question the generosity of the Chinese Communist Party after seeing the OBOR process in the last few years. He said that, for example, China offers good funding as a loan but is not a member of the Paris Club and has never supported globally recognized transparent processes for lending.
According to an assessment released, China is the world’s largest lender but never reports or publishes with full data on its official loan dues, so rating agencies Paris clubs or IMF are not able to monitor these financial transactions. China has given a loan of 5,000 billion dollars worldwide. In Sri Lanka also, Beijing gave a loan of more than one billion dollars to the government in connection with Hambantota Port. “As a result, Sri Lanka could not repay the loan and finally handed over the port to Beijing on a 99-year lease to get relief,” Wells said.