97 countries have taken loans from China
Forbes gathered data from the 2020 World Bank report, saying that 97 countries around the world are in Chinese debt. China’s heavily indebted countries are mostly located in Africa, but can also be found in Central Asia, Southeast Asia, and the Pacific. China is reaching most of the countries under the One Belt and Road plan. The world’s low-income countries have lent 37 per cent of their debt to China in 2022, while the rest of the world has only 24 per cent of bilateral debt.
Pakistan has taken maximum loan
The Chinese global project to finance the construction of port, rail and land infrastructure around the world has been a significant source of credit for China, reports The Island Online. The people on whom China has the highest external debt are Pakistan $ 77.3 billion, Angola $36.3 billion, Ethiopia $ 7.9 billion, Kenya $ 7.4 billion and Sri Lanka $ 6.8 billion.
Maldives has also taken a lot of debt
The Maldives newspaper reported that according to the data released by the Ministry of Finance, the debt of Maldives has increased to MVR 99 billion by the end of the first quarter of 2022. It was 113 percent of the GDP. The countries with the greatest debt burden in relative terms were Djibouti and Angola, where debt to China exceeded 40 percent of gross national income. Countries like Maldives and Laos come in the list of 30 percent or more of GNI in Chinese debt.
Sri Lanka fifth in the list
According to the report, Sri Lanka ranks fifth in the list of countries that have taken the highest debt from China. Sri Lanka has taken 9 per cent of the GNI loan from China. These days, China is being criticized for its practice of pushing countries into deep economic crisis by giving bad loans. China has been rejecting this criticism. Beijing says that some countries are spreading such propaganda to tarnish its image.