Sri Lanka’s ‘destruction’ is similar to the Arab Spring phenomenon, China is the culprit?

Jakarta –

Sri Lanka is currently facing a severe crisis. This made residents take to the streets and urged Sri Lankan President Gotabaya Rajapaksa to step down. Sri Lanka’s condition is similar to the Arab Spring phenomenon a decade ago.

The Arab Spring itself was a series of massive protests that took place in a number of Arab countries in 2010. The phenomenon first occurred in Tunisia, where a trader set himself on fire because he was disappointed with authoritarianism, corruption and poverty.

Then the protests spread to several other Arab countries such as Egypt, Libya, and Syria. Now the condition of Sri Lanka is likened to the Arab Spring phenomenon.

“This is the ‘Arab Spring’ in Sri Lanka. It fits perfectly into the pattern of the Arab Spring: popular uprisings to end authoritarian rule, mismanagement of the economy and family rule, and implement democracy,” said Asanga Abeyagoonasekera, International Geopolitical and Security Analyst and Strategic Adviser for Sri Lanka. , quoted from CNBCThursday (14/4/2022).

Sri Lanka itself is currently facing its worst economic crisis in decades. The country is struggling to pay its debts. The main problem facing Sri Lanka is its huge external debt burden.

Well, one of Sri Lanka’s biggest creditors is China. The Sri Lankan government has borrowed money from Beijing for a number of infrastructure projects since 2005 through the Belt and Road (BRI) scheme.

From there, Sri Lanka’s reserves slowly dwindled as construction projects built on Chinese loans did not generate money.

Quoted from the page Times of India, Sri Lanka’s total debt to China reached US$ 8 billion or equivalent to Rp. 114 trillion (exchange rate of Rp. 14,300). This amount is about one-sixth of Sri Lanka’s total external debt.

China, on the other hand, refuses to offer concessions or credit extensions in paying debts Sri Lanka. Thus, this has made the burden even more Sri Lanka.

(fdl / fdl)

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