Sunday, April 2, 2023
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economic crisis | economic crisis in nepal | Nepal | Nepal Economic Condition | Pakistan | Srilanka

Nepal will be like Pakistan-Sri Lanka! If caution is not taken then the economic condition will worsen.

Nepal Economic Condition: There have been allegations that under this initiative, China’s debt diplomacy may turn into ‘debt trap diplomacy’ and under this sponsoring important infrastructure projects in developing countries and then on the basis of ‘debt trap’ Influencing governments.

After Sri Lanka and Pakistan, now Nepal can be number one.

Kirtipur (Nepal). If the Government of Nepal does not take utmost care regarding the ‘debt trap’ diplomacy, then it may also have to face the economic situation like Sri Lanka and Pakistan. The plane crash in Pokhara made headlines at the nearby international airport. All 72 people on board the plane were killed in this accident. The airport was built with assistance from China under the ‘Belt and Road Initiative initiative and has been the subject of controversy due to confusion over its funding.

Any expensive project not working effectively
Apart from the Pokhara International Airport, Nepal has just completed the construction of two major projects – the Gautam Buddha International Airport in Bhairahawa and the Chobhar Dry Port in the capital Kathmandu. None of these costly projects is working effectively. If a project’s business strategy is ineffective or is established without rigorous preparation, it sends a very negative message to the international community and future generations.

The risk here is that the country’s national debt could prove too onerous at a time when Nepal needs major investment in quality infrastructure.

For the fiscal year 2022-2023, the government of Nepal is allowed to raise a maximum of 256 billion Nepalese rupees (about $2 billion) as internal debt. This decision to curb external debt has come at a time when many countries including Sri Lanka are failing to repay the debt.

In such a situation, Nepalese officials are taking a lot of caution in taking loans from China and are requesting donations instead of loans for projects under the ‘Belt and Road Initiative’ initiative from Beijing.

 

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