US Treasury Secretary Janet Yellen visited African countries in January aiming to promote economic ties & partnerships between the USA & Africa. In Zambia she called on China to address Zambia's heavy debt burden while ensuring US commitment to help Africa face China-driven "debt-traps". She seems to have purposely ignored the win-win south-south cooperation which ensures sustainable development along the Belt & Road. Analysts see it as an attempt to discredit China's development financing assistance to its African partners of the BRI. Attempts to stop Chinese economic & political influence in Africa especially by US & its allies have intensified with the BRI gaining momentum in its 10^th year (2023). Those living in Africa would only know the obstacles they lived with due to infrastructural gaps. For decades, until China moved in Africans have been killing each other due to such gaps (such as roads, energy, ports & housing etc) & the west wasn’t bothered. For instance when they were killing in their thousands in Rwanda & Burundi (early 1990s) the west didn’t have the interest they have to protect Ukraine. It is fact to prove BRI raising more than 700 million above the poverty line.

When Africans wished to prevent larger conflicts which result due to above, it is obvious they borrowed from the lender of their choice. Any nation with a vision & practical sustainable development goals would prefer development assistance with recipient focused win-win models. Analyzing the Chinese assistance to Africa, it seems that the Chinese loans charge low-interest rates & has a longer maturity period with no strings attached (Ref global financial reports). It is an entirely different approach from the lending policies of the western based multilateral organizations. As per the World Bank stats by 2022 the African debt level was around USD 789 billion. Out of which Chinese loans only amounts a little below 25%. Loans from western multilateral institutions & commercial creditors amount to more than 75%.  Therefore, all lenders should be accountable for Africa's debt traps (if there are) & orchestrating the Chinese debt trap alone will not be justified by the Africans. China’s commitment at the G20 debt service suspension initiative & its willingness to work with multilateral organizations to help the lenders to restructure debt seems to have been purposely ignored by the master minds of the debt trap campaign.

As per Chinese reports, China is engaging on a case by case for some borrowers under the G20 framework. At the same time China has agreed to provide USD 10 billion to African countries as its share of the IMF’s Special Drawing Rights & written off approx 24 interest free loans in 17 African nations. This was in addition to the restructuring of loans approx USD 15 billion & forgiving loans approx. USD 3.5 billion to Africa. It will be very welcome if western dominated multilateral agencies could also provide such relief to borrowers.  This is fact to prove how that BRI has raised more than 700 million above the poverty line globally. It’s the responsibility of the African partners of the BRI to implement proper monetary & fiscal policies to strengthen their economies. Still the Chinese debt trap movie may be screened till 2024 US elections. SL also is working on financial crisis recovery & spectators in SL may soon get the opportunity to see the Chinese debt trap movie with the local government elections in the corner.

Sri Lankans who are concerned about the movie should read more on how China offered to help prevent a crisis before Sri Lankans experienced the power cuts, fuel & cooking shortages etc. As mentioned at the G20 China has assured a stronger roll to help SL with the IMF etc. The public may also observe the spending patterns during the local government election campaign. They should study how some fund election campaigns in a financial crisis hit society. They say follow the money to see the faces. That will help to make decisions to take the country to the next phases.

(Views expressed are personal)