IMF sees the upside of China’s massive Belt and Road project
As part of the project China has dispersed tens of billions of dollars in loans, often to highly indebted countries
China’s massive Belt and Road Initiative building push may create debt risks but is also responding to major infrastructure gaps in Asia and could boost global trade, World Bank officials say. The relatively upbeat assessment of a sometimes controversial programme comes despite the debt crisis now faced by Pakistan, a recipient of massive Chinese loans. China launched the ambitious plan in 2013 under President Xi Jinping, seeking to link Asia, Europe and Africa with a network of ports, highways and railways. It has dispersed tens of billions of dollars in loans, often to highly indebted countries, sparking criticism of Beijing for everything from "debt entrapment" to excluding local labour from projects funded. But meeting in Bali at the weekend, officials from the World Bank and IMF said the initiative filled important gaps, while acknowledging concerns. "There are huge opportunities: improved infrastructure means more trade, more investments, higher growth, bringing in landlocked ...
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