The Ceylon Chamber of Commerce has released the Motor Vehicle Industry Report 2025/26, marking the return of its flagship publication after six years, as Sri Lanka’s automotive sector enters a new phase with the resumption of imports.

Key findings of the report are: 

• Revenue Contribution: Motor vehicle imports generated Rs. 896.4 billion in customs taxes, underscoring the sector’s importance to government finances.
• Local Assembly Growth: With over 15 local assembly plants and policies mandating at least 20% domestic content, the industry is shifting from pure imports to local value creation and job generation.
• Market Recovery: More than 327,000 new vehicles were registered in just six months of 2026, signaling strong consumer demand and a recovering market.
• Global EV Trends: One in four new cars sold globally is now electric, with EV sales surpassing 20 million units for the first time.
• AI in Automotive: From onboard safety systems to virtual vehicle testing, AI is cutting development times by up to 50%, boosting efficiency and innovation.

The publication provides in‑depth analysis of the role of the motor vehicle industry in Sri Lanka’s economy, recent policy developments, and global automotive trends shaping the future of mobility. 

It includes detailed data on vehicle imports, registrations, fleet composition, and ownership transfers, while also examining market trends across segments such as brand, fuel type, cylinder capacity, and district.

The report further explores industry challenges, emerging opportunities, and the future outlook for Sri Lanka’s automotive sector. It highlights how the industry is adapting to a renewed import environment, shifting consumer preferences, technological advances, and evolving regulations.

The Chamber emphasized that the report is designed as a resource for importers, assemblers, dealers, financial institutions, insurers, policymakers, investors, and other stakeholders, offering data‑driven insights to support informed decision‑making. (Newswire)

The post CCC Report : Sri Lanka vehicle imports generate Rs. 896B in taxes appeared first on Newswire.

The Auditor General’s report on coal imports was presented to Parliament on Tuesday (07). 

Leader of the House Minister Bimal Ratnayake tabled the report at the commencement of proceedings. 

At the same time, Opposition MPs lodged a complaint with Speaker Jagath Wickramaratne that the report had not been distributed to Members of Parliament. The Speaker responded that it was the Secretariat’s responsibility to provide the report to MPs.

The special audit report, requested by the Committee on Public Enterprises (COPE), examines the coal purchasing process by Lanka Coal Company for the Lakvijaya Power Plant and procurement for the 2025/2026 season. The Auditor General revealed that the laboratory issuing reports at the loading port for the controversial supplier Trident Company had its license cancelled.

The report further disclosed that at the time advertisements were published calling for tenders, Trident Company had not completed its registration, yet it was awarded the tender. Three other suppliers who had not confirmed registration were also allowed to submit bids.

Coal purchased for the Lakvijaya Coal Power Plant is tested at both loading and unloading ports. At the loading port, Mitra SK South Africa was appointed, but lacking accreditation, the task was handed to PT Mitra SK Analisa Testama Samarinda, an Indonesian company whose license had been cancelled as of December 29, 2025. The audit did not confirm whether the license was renewed by March 31, 2026. All 12 shipment reports issued at the loading port were found to lack accreditation.

The report also noted discrepancies between loading port reports and data from the plant’s main control unit, with Lanka Coal Company failing to use available alternatives to verify the reports. It highlighted that between November 13 and December 30, 2025, no coal shipments were brought to Sri Lanka despite the need for maximum procurement during that period.

Due to insufficient shipments, an emergency procurement was made on March 18 this year, selecting Taranjot Resource Pvt Ltd. The Auditor General revealed that this company had failed within the past 36 months to supply coal with the required calorific value of 5,900 kcal or above to the Lakvijaya Coal Power Plant.

The report warns that failure to import coal on time and reliance on suppliers with questionable standards could adversely affect the continuous supply of electricity at the Lakvijaya Coal Power Plant. 

The Auditor General’s Report : https://www.newswire.lk/pdf/auditor_general_report_coal_imports.pdf (Newswire)

The post COPE‑requested Audit exposes irregularities in coal imports appeared first on Newswire.

The United Nations in Sri Lanka has released its latest situation overview on Cyclone Ditwah, warning that the disaster has triggered the most extensive flooding and landslide damage in two decades, affecting 2.2 million people across all 25 districts. 

According to the Disaster Management Centre, as of December 29, 2025, the cyclone had claimed 646 lives and left 173 missing.

“Cyclone Ditwah has created a complex and evolving displacement landscape,” UN Sri Lanka noted, with more than 165,000 people still displaced or staying with host families, and 85 Safety Centres hosting around 6,680 people.

Housing damage remains severe, with nearly 6,000 homes destroyed and over 108,000 partially damaged, while water and sanitation systems in rural areas remain largely unrepaired.

The UN highlighted urgent protection concerns, particularly for women and children, citing inadequate safe spaces, poor lighting, and heightened risks of gender-based violence.

It also reported that 113 children lost one or both parents, including 15 who were fully orphaned, raising serious concerns about household stability and child welfare. 

Health authorities, meanwhile, warn of rising malnutrition risks among children under five, underscoring the need for sustained humanitarian support under the UN Humanitarian Priorities Plan.

Full report: https://srilanka.un.org/sites/default/files/2026-02/Cyclone_Ditwah__SitRep%20%237.pdf (Newswire)

The post Cyclone Ditwah caused worst flooding in 20 years : UN Report appeared first on Newswire.

A committee report containing recommendations for the repeal of the Prevention of Terrorism Act (PTA) has been presented to Minister of Justice Harshana Nanayakkara.

The report was handed over by President’s Counsel Rienzi Arsakularatne, who served as the chairperson of the committee.

According to the Justice Ministry, the final draft bill proposes new anti-terror legislation to replace the Prevention of Terror Act. (Newswire)

The post PTA repeal committee recommendations handed over to Justice Minister appeared first on Newswire.

A United Nations inquiry has found that Israel’s war on Gaza is a genocide, a landmark moment after nearly two years of war.

Navi Pillay, chair of the UN Independent International Commission of Inquiry on the Occupied Palestinian Territory, made the announcement of the UN inquiry to Al Jazeera on Tuesday.

“We’ve identified the president [Isaac Herzog], the Prime Minister [Benjamin] Netanyahu and the former minister of defence [Yoav Gallant] based on their statements and the orders that they’ve given,” Pillay said in an interview.

“Because these three individuals were agents of the state, under the law, the state is held responsible. So we say it’s [the] state of Israel that has committed genocide,” she added.

According to the report, the Commission found that along with the statements made by the Israeli officials, there was “circumstantial evidence” that led to their findings of genocidal intent.

“The Commission concludes that the Israeli authorities and Israeli security forces have the genocidal intent to destroy, in whole or in part, the Palestinians in the Gaza Strip,” the report found.

However, Israel’s ambassador to Geneva slammed the report’s findings and referred to it as “scandalous”, “fake”, and a “libellous rant”. (Al Jazeera)

The post UN inquiry finds Israel’s war on Gaza to be genocide appeared first on Newswire.

The U.S. Department of State’s 2024 Country Report on Human Rights Practices for Sri Lanka says the government made only minimal efforts to identify and hold accountable officials responsible for human rights violations.

Referring to extrajudicial killings in 2024, the report says there were several reports that the government or its agents committed arbitrary or unlawful killings during the year. 

In September, the Human Rights Commission of Sri Lanka (HRCSL) reported a total of seven cases of custodial deaths during the period between January and August. Police reported 103 targeted shootings throughout the year, it said. 

On Freedom of the Press, the report says even though the constitution provided for freedom of expression, including for members of the press and other media, the government sometimes restricted this right. 

In its report on the human rights situation in the country, the UN Office of the High Commissioner for Human Rights (OHCHR) observed a persistent trend of surveillance, intimidation, and harassment of journalists and civil society actors, especially those working on enforced disappearances, land seizures, environmental issues, and with former combatants in the north and east, it said. 

The report further said that there were no reports of enforced disappearances by or on behalf of government authorities, during this period.

The Office on Missing Persons (OMP) reported it had not received any new complaints of missing persons or enforced disappearances during the year. There was little progress investigating allegations of abuses from the 1983-2009 civil war or the 1988-89 Marxist insurrection. Impunity and lack of accountability for war-era abuses remained a problem, it said. 

In its observations on prolonged detention without charges, the report says the government generally did not observe the requirements of the law, which prohibited arbitrary arrest and detention and provided for the right of any person to challenge the lawfulness of their arrest or detention in court.  

The report says the HRCSL received 838 complaints of arbitrary arrest or detention between January and August, including the arrests of journalists and politicians. According to the HRCSL, authorities notified 46 cases of arrests and detentions under the PTA between January 2023 and March 2024. 

On torture and cruel, inhuman, or degrading treatment or punishment, the report observes that even though the constitution and law prohibited such practices, there were credible reports that government officials employed them.

The International Truth and Justice Project Sri Lanka, an international NGO documenting ongoing human rights violations in the country, confirmed that it had documented six cases in which individuals were abducted, detained without formal arrest or charges, held incommunicado for several days, subjected to torture, coerced into signing confessions, and later released, it said.

On the Online Safety Act (OSA), the report said that even though in November 2023, the Supreme Court ruled more than half of the provisions in the OSA were unconstitutional and required revisions to the law, the government had committed to making revisions but had not done so by the end of the year.

The report acknowledges acts of antisemitism and antisemitic incitement, stating that there was a small Jewish population living in different parts of the country, but there were no known reports of antisemitic incidents.

The overall findings of the U.S. Department of State’s 2024 Country Report on Human Rights Practices for Sri Lanka revealed that the government took minimal steps to identify and punish officials who committed human rights abuses.

Full report : https://www.state.gov/reports/2024-country-reports-on-human-rights-practices/sri-lanka (Newswire)

The post Sri Lanka took minimal action on rights abuses : US Report appeared first on Newswire.

The current Government appears to be exploiting the national tragedy of the “Easter Attacks” as a political instrument, wielding it to evoke emotional responses and manipulate public sentiment amidst the ongoing local government election process, Sri Lanka Podujana Peramuna (SLPP) MP Namal Rajapaksa said.

Taking to ‘X’, MP Namal Rajapaksa said such conduct marks a disheartening descent into cheap and manipulative political opportunism.

“The Final Report of the Presidential Commission of Inquiry (PCoI), chaired by Justice Janak de Silva, was formally submitted to Parliament on 23rd February 2021, pursuant to the directives of the then-President. Subsequently, the PCoI report was tabled in Parliament on or around 25th February 2021.

“The report remains publicly accessible via the official website of Parliament. The Honourable Attorney General is already in possession of—and fully apprised of—the contents of this report,” he said.

MP Rajapaksa further said that a legitimate criminal investigation must be conducted objectively and impartially. 

“To first identify a target and then seek evidence to support a preconceived accusation is not an investigation—it is a deliberate orchestration aimed at persecuting individuals, particularly those with dissenting political views,” he pointed out.

MP Namal Rajapaksa urged the Government, replete with performative displays of moral superiority, to cease using this sorrowful national tragedy as a tool for political gain. 

“Such actions are not only disingenuous but also deeply disrespectful to the memory of the victims. It is, by every measure, unbecoming, cynical, and shameful,” he added.

SLPP MP Namal Rajapaksa’s remarks come after the Presidential Commission of Inquiry report into the 2019 Easter Sunday attacks was officially handed over to the Criminal Investigation Department for further investigation.

According to Minister of Public Security Ananda Wijepala, the report was handed over by the Secretary to the President yesterday, following a directive from President Anura Kumara Dissanayake. (Newswire)

The post “Easter Report already public” : Namal hits out at President AKD appeared first on Newswire.

The total population of Sri Lanka stands at 21,763,170, according to the latest Census of Population and Housing 2024, which was officially presented to President Anura Kumara Dissanayake at the Presidential Secretariat this morning (07 April).

This marks an increase of over 1.4 million compared to the last census conducted in 2012.

The 2024 enumeration phase—the 15th national census—was carried out between October 2024 and the second week of February 2025. The official census moment was recorded at midnight on 19 December 2024.

The report shows that the country’s annual population growth rate has declined from 0.7 percent (2001–2012) to 0.5 percent (2012–2024), indicating a slowdown in growth, though the population continues to rise.

The Western Province remains the most populous, accounting for 28.1 percent of the total population, while the Northern Province reports the lowest share at 5.3 percent.

Gampaha District leads with the highest population of 2,433,685, followed closely by Colombo District with 2,374,461. Kurunegala, Kandy, Kalutara, Ratnapura, and Galle also each recorded populations exceeding one million.

On the other end, Mullaitivu (122,542), Mannar (123,674), Kilinochchi (136,434), and Vavuniya (172,257) — all in the Northern Province — remain the least populated districts.

Mullaitivu District recorded the highest annual growth rate at 2.23 percent, while Vavuniya showed the lowest at just 0.01 percent.

Colombo District also continues to have the highest population density with 3,549 persons per square kilometer, while Mullaitivu has the lowest at 50 persons per square kilometer.

The census was conducted by the Department of Census and Statistics. (Newswire)

The post How many people in Sri Lanka ? New census report released appeared first on Newswire.

Former President Ranil Wickremesinghe has requested all parties not to politicize the recent reports unveiled on the 2019 Easter Sunday terror attacks.

“This report, which has caused a lot of controversy, came into my hands during the last presidential election, but due to my reluctance to connect the Easter Sunday attack to politics, I did not make those reports public,” Ranil Wickremesinghe said issuing a special statement. 

The former President said his aim was to obtain the response of the Bishops’ Conference and appoint a Parliamentary Select Committee to look into the collapse of the intelligence services during the Easter attacks. 

“A collapse of the National Intelligence Service poses a great threat to the country’s national security,” he pointed out.

The former President further said that he had also intended to appoint a Parliamentary Select Committee and then submit its report to a three-member committee of senior officers and experts to propose a complete reorganization of the intelligence agencies.

Ranil Wickremesinghe further said that all the statements made by the Cardinal regarding him are baseless and called on the bishops’ conference to make an official statement regarding the Easter reports. 

His comments come in connection to the two unpublished reports on the Easter attacks that were investigated during his tenure and recently revealed to the media by former MP Udaya Gammanpila. 

While disclosing details to the media, Gammanpila said the reports recommend legal action against Senior Police officials Ravi Seneviratne and Shani Abeysekera who hold high-ranking designations in the current Anura Kumara Dissanayake government. 

The full statement of former President Ranil Wickremesinghe;

After I became the eighth Executive President of Sri Lanka, I handed over the Easter Sunday Attack Commission reports to the President of the Catholic Bishops’ Conference, Bishop Harold Anthony Fernando, at his request. 

After that, the Catholic Bishops’ Conference had a number of clarifications, and those that were presented to me were forwarded to the Attorney General. They were also instructed to discuss all related matters with the Bishops’ Conference.

Requests had also been made to look into the revelations that were aired on Channel 4. In order to uncover the truth about it, I asked the retired Supreme Court judge S. Imam to head this commission. 

1. The three-member committee comprising retired Supreme Court Judge S. Imam, former Air Force Commander Chief Air Marshal Jayalath Weerakkodi and President’s Council Harsha Soza were appointed.

In addition, A. M. J. De Alvis, W. M. A. N. Nishan and K. N. K. Somaratne were appointed to another three-member committee. 

None of the people appointed to these committees are people I know personally. Arrangements were also made to provide support to these committees from the Attorney General’s Department. 

One of the objectives of appointing the above Committees was to look into the steps that were taken when the Indian Intelligence Service informed our intelligence services about a potential terrorist attack. Another responsibility assigned to this committee was to inquire into whether the measures taken in relation were sufficient. 

The State Intelligence Division and the Criminal Investigation Department, during their investigations, announced that the two police officers killed in Vavunativu were killed by the L.T.T.E. 

Why was it the official stance for four months that these killings were done by the LTTE? This committee also inquired about the steps taken in that regard during that time.

The Alwis Committee Report is not a report prepared to take revenge on the then Senior DIG and current Secretary of the Ministry of Public Security, Ravi Seneviratne, nor the former Director of the Criminal Investigation Department, Shani Abeysekera.

The report further recommended that all officers including former Inspector General of Police Pujitha Jayasundara, Senior Deputy Inspector General of Police Nilantha Jayawardena, Senior Deputy Inspector General of Police Nandana Munasinghe, Senior Deputy Inspector General of Police Lalith Patinayake, Senior Deputy Inspector General of Police Abdul Latif, Senior Deputy Inspector General of Police Ravi Seneviratne should have legal action taken against them regarding the Easter Sunday incident. 

In addition to this, the report has recommended that former Senior Deputy Inspector General of Police and current Inspector General of Police Deshabandu Thennakoon also face disciplinary action. Therefore, it is very clear that the definition of this as a fabricated report against Ravi Seneviratne and Shani Abeysekera is baseless. 

The observations related to the killing of the two police officers in the Vavunativu area mentioned in the report are also very important. In relation to that incident, it was first announced that remnants of the LTTE organization carried out the killings. As a result, Thambirasa Kumar and Rasanayagam Sarvanandan were arrested.

When the annexes of the report are examined, many contradictory facts are revealed. In one of the reports of the intelligence agencies, it is mentioned that Sivaneshthurai Chandrakanth alias Pillayan, who was in jail at that time, was behind this incident. Another related intelligence agency report also stated that the husband of a woman who allegedly had an affair with a police officer named Ganesh who died in Vavunativu was killed. 

The Director of Military Intelligence (DMI) has stated that the reason why it took four months for the intelligence agencies to trace the activities of the National Tauhid Jamaat (NTJ) was because the national intelligence agencies did not have a formal network for obtaining information.

“Regarding the gap of four months until discovery of the NTJ, the DMI’s explanation was that it was attributable to the lack of network they had at the time to elicit the intelligence.” – 

REPORT OF THE COMMITTEE OF INQUIRY INTO INTELLIGENCE COORDINATION AND INVESTIGATIVE PROCESSES RELATED TO THE EASTER SUNDAY BOMBINGS OF 21ST APRIL 2019 (Page No 12)

Although the Indian intelligence, which has a foreign intelligence service, had a strong information network in this area, a severe collapse can be seen in the operation of Sri Lankan intelligence in this regard. 

It is unfortunate that we do not have a strong intelligence network. This is a big threat to the security of the country. My attention was drawn to this matter.

My aim was to obtain the response of the Bishops’ Conference and appoint a Parliamentary Select Committee to look into the collapse of the intelligence services during the Easter Sunday attacks. A collapse of the National Intelligence Service poses a great threat to the country’s national security. 

I had also intended to appoint a Parliamentary Select Committee and then submit its report to a three-member committee of senior officers and experts to propose a complete reorganization of the intelligence agencies. I would also like to recall that the Easter Sunday Commission report made no mention of the severe collapse of the National Intelligence Service.

This report, which has caused a lot of controversy, came into my hands during the last presidential election, but due to my reluctance to connect the Easter Sunday attack to politics, I did not make those reports public. I also mention that I followed the above practice as there was a need to call for a report in this regard. 

All the statements made by the Cardinal regarding me are baseless. The bishops’ conference should make an official statement regarding the Easter reports. 

Taking all the above into consideration, I request all parties not to politicize the Easter reports. (Newswire)

The post ‘The Easter Sunday attacks should not be Politicised’ – Ranil appeared first on Newswire.

The research report on the gender pay gap in Sri Lanka was presented to Speaker of the Parliament Mahinda Yapa Abeywardana and Leader of the Opposition MP Sajith Premadasa recently (Aug 08).

According to a Parliament statement, the report was prepared by a group of researchers including the Women and Media Collective under the leadership of the Women Parliamentarians’ Caucus.

Receiving the report from the Chair of the Women Parliamentarians’ Caucus MP Sudarshini Fernandopulle, Speaker Mahinda Yapa Abeywardana said it was important to formulate legislation and new policies to change these wage inequalities. 

Furthermore, Opposition Leader MP Sajith Premadasa stated that provisions should be included in the constitution so that these rights can be upheld. 

The Caucus Chair pointed out that in order to eliminate this gender wage disparity, there should also be a change in the attitudes among the people in the society. 

Commenting on this research report, the research team led by Dr Sepali Kottegoda, Executive Director of the Women and Media Collective stated that the gender pay gap in the Sri Lankan labour market is primarily and closely linked to unpaid care services.

The researchers highlighted that women are under-represented in high-wage industries, concentrated in low-paid service roles, and a significant proportion of women are engaged in part-time work and unpaid domestic care services.

Ministry of Women, Child Affairs and Social Empowerment, Women and Media Collective, United States Agency for International Development (USAID), National Democratic Institute (NDI) other invitees were present at this event. Chair of the Committee on Public Finance, MP Harsha de Silva, MP & Co-Deputy Chair of the Women Parliamentarians’ Caucus Rohini Kumari Wijerathna, and MP Eran Wickramaratne were also present at this event. (Newswire)

The post Research Report on gender pay gap presented to the Speaker appeared first on Newswire.

President Ranil Wickremesinghe has instructed the preparation of short-term, medium-term, and long-term programs to prevent future floods in the Colombo District.

Senior Adviser to the President on National Security Sagala Ratnayaka said the President, along with political representatives from the affected areas, surveyed the flood-damaged areas in the Colombo district.

He further said that it was determined that both natural causes and irregular human activities caused the flooding. 

Sagala Ratnayaka has also been directed to investigate the causes of the recent flooding in the Colombo district. 

Accordingly, he has instructed that reports be collected from all Grama Niladhari Divisions in the Colombo district and for the Divisional Secretaries to prepare a preliminary report based on these findings.

As per the directive, the report is to be submitted to the Presidential Secretariat within two weeks.

Sagala Ratnayaka also announced plans to consult with the heads of relevant institutions to develop immediate strategies to address the identified issues. 

These announcements were made during a meeting held at the Presidential Secretariat on Wednesday (June 26), which was attended by the heads of various line agencies and residents of affected areas.

The meeting was held to identify the causes of the recent flooding in the Colombo district due to adverse weather conditions and formulate appropriate solutions. (Newswire)

The post Directives issued to investigate cause of flooding in Colombo district appeared first on Newswire.

Sri Lanka is among the world’s least miserable nations, as per the 2023 Mental State of the World Report by Sapien Labs.

Sri Lanka ranks as the world’s 2nd highest in Mental Health Quotient (MHQ) with a score of 89.

The Dominican Republic leads the list, while Tanzania, Panama, and Malaysia round off the top five.

Only 14% of Sri Lanka’s population reports feeling distressed or struggling, the lowest globally.

According to the report, this is in stark contrast to countries like Brazil, South Africa, and the UK, where up to 35% face mental health challenges.

The full report: https://mentalstateoftheworld.report/2023_read/ (NewsWire)

The post Sri Lanka among world’s least miserable nations – New report appeared first on Newswire.

In the past two decades, China’s global economic clout has not only increased its contribution to the global economy, but has also caused global indebtedness to rise significantly, especially among the developing world. Beijing’s international lending that is notoriously know for its high interest rate along with easier access to cash flow, has been deemed to be amongst the major reasons for the rise of debt sustained by developing countries that are barely managing to stay afloat economically.

Beijing’s growing presence in the international financial market is also visible through the fact that it has an outstanding claim of more than 5% of global GDP with almost all of the disbursement coming directly from the Chinese government and its state-controlled entities. This has also promoted it to become the largest bilateral creditor to the world with lending amounting to around $1.5 trillion through direct loans and credit lines to over and above 150 countries across the world.

A recent report published by Aid Data assessed the extend of China’s economic influence in light of its significant contribution to global lending practices. It stated that from the year 2008 to 2021, China went onto provide rescue loans to countries that were already struggling with incurred debt from the Belt and Road Initiative. It also noted how China has provided a staggering $240 billion in loans to countries in debt distress with a specific jump in lending from 2010. The report has brought into question Beijing’s true intensions of overburdening weaker economies with sustained debt in order to exert its influence upon the region as a whole. However, these factors are only part of a larger sum in China’s international financial coercive means. If understood with its larger investments in portfolio debts amounting to $1 trillion of U.S treasury debt purchases along with trade credits, Beijing’s claim over the global economy soars to an astounding $5 trillion. This effectively means that the global economy currently owes more than 6% of its total GDP to China.

The report also determined the extend of China’s target countries. Middle income countries were the amongst the more prominent borrowers from Chinese banks which included countries such as Argentina, Pakistan, Egypt among others. Low-income countries too were amongst the largest borrowers with countries specifically from Africa dependent on Chinese loans. The case of Zambia, Ghana and Kenya have previously also been seeking such relief loans in order to maintain to economies. Yet the African continent as a whole has been granted excessive debt in order to gain influence over its natural resources. China has over the years become the largest bilateral creditor to African countries and more so seems to be putting its strategy to the test by providing further loans in the name of relief packages to pay back their own debt undertaken by the recipient nation. Beijing has been providing financial loans for infrastructural projects to more than 32 African nations including Angola, Ethiopia, Republic of Congo, Djibouti and Cameroon in some of the recent years.

Combined together, the continent as it stands owed China a deficit of $93 billion dollars until 2021 and is predicted to reach $153 billion in the coming years. An even more concerning fact however is the understanding that many countries among its recipients owe debt of at least 20% of their GDPs to Beijing including but not limited to countries such as Tonga, Maldives, Kyrgyzstan, Cambodia, Niger, Laos, Samoa, Vanuatu and Mongolia to name a few. Beijing’s global influence in the global lending sector has also brought to light its significant loans provided to Russia over the years. As per reports, cumulative Chinese lending to Russia since early 2000s exceeded well over $125 billion. These lending have mostly aimed to finance Russian state-owned enterprises in the energy sector which has been seeking easy access to capital given the enormous sanctions it has been under especially after the Ukraine invasion.

Moreover, in order to safeguard its lending, Chinese lenders have rallied around strict contractual agreements that incorporated hidden debts mechanisms and stricter repayments with higher interest rates that the global market. With the promise of faster access to capital China has been duping weaker economies with enticeful incentives for infrastructural development in lieu of guarantees that its business will be permitted to function as per its convenience. These methods have also led to Chinese MNC’s at times allowed to override local laws as per its needs.

In the given scenario, countries struggling to repay Chinese debt must rally together to prevent Chinese hawkish behaviour upon its sovereign decision-making processes. Countries especially from the developing world must prevent Beijing’s authoritative intentions through economic coercive means from taking shape by calling out its strict contractual measures. This will not only go on to restrict China’s aspirations but will also motivate other economically distressed countries from falling into Chinese dictates in terms of policy decisions that Beijing is attempting to achieve. Thus, an initiative to aide the developing world prevent further economic distress on behalf of Chinese loans is a viable objective to encapsulate for global leaders through various multilateral forums where a voice of the economically volatile countries is given its due presence along with greater importance in terms of consultative actions against Chinese hegemonic aspirations. (Inside Over)

The post China’s international lending and developing world’s indebtedness increase: Report appeared first on Newswire.