By Prof. Samitha Hettige

Sri Lanka approaching the IMF and the World Bank and the recommendations which followed indicating SL should work closely with China is being widely discussed at present. Bangladesh which supported SL during the recent months is the latest South Asian nation to approach the IMF for assistance to recover from the impact of the Ukraine conflict.  Bangladesh is a strong partner of the Belt and Road (BRI) and has so far borrowed approx. 4 billion USD (6% of total debt) through that. When India gained independence from the British, Bangladesh was known as Eastern Pakistan. However, with Indian assistance in the 1970s Bangladesh became independent from Pakistan giving much relief to Indian defence policy according to analysts. Pakistan is a strong BRI partner and is implementing the China Pakistan Economic corridor with China. Just as in SL, Bangladesh is also fighting the fat energy import bills and is experiencing fuel shortages and power cuts. However, Bangladeshi foreign reserves are in the range of 40 billion USD unlike in SL. The strength of their garment trade is a key factor protecting the country from the economic shocks SL and similar countries are experiencing at present (Refer Bangladeshi sources).

Energy from the BRI 

China according to analysts is exploring stronger ties with Bangladesh as BRI partners. While safeguarding the right to life of Bangladeshi citizens through medical supplies and vaccine donations etc. the BRI has so far ensured progress in constructing bridges, tunnels, sewage treatment plants and wind power projects etc. Though some see a risk in partnering with the BRI, its contribution to increase the quality of life of ordinary citizens of the partner countries through similar projects should be sincerely analyzed by all those concerned without being skeptical. 

In a very unique development along the BRI which focuses more on trade related win-win cooperation, Bangladesh is working with China to settle the Rohingya refugee matter with Myanmar whose respect was earned by China through win-win cooperation when the western world has been negative to Myanmar for decades. China supported to resolve the refugee crisis through the November 2017 agreement by repatriating approx. 700,000 Rohingya Muslim refugees (Ref. Bangladeshi sources).

Balancing lesson

Being close to Beijing at present is a millennium challenge for all nations due to undue western influence. SL can learn from Bangladesh which balances diplomacy and trade with India and the USA which are offering alternatives to the BRI since 2017 along with Japan and Australia. Approx. 500 Chinese companies operate in Bangladesh and the BRI has supported to build its largest bridge (over river Padma - 3.6 billion USD), Chittagong port, and highways etc. Bangladeshi approach of not being afraid of having close ties with China is a good lesson and a strong signal to all those who are undecided.

(The writer is an Academic and a Broadcaster. Views expressed are personal and may not necessarily be the views of his affiliations.)