China’s President Xi Jinping pictured with Mahinda Rajapaksa, Sri Lanka’s then-president, during a state visit to Colombo in 2014. Rajapaksa resigned as the island nation’s prime minister this week following months of protests. Photo: AP
How China-backed projects made Sri Lanka’s economic meltdown worse
- Sri Lanka borrowed heavily to plug budget shortfalls and trade deficits, but also squandered huge sums on ill-considered infrastructure projects
- Many of these projects now gather dust in the home of the powerful Rajapaksa clan, which used billions in Chinese loans in a failed effort to transform the area
China’s President Xi Jinping pictured with Mahinda Rajapaksa, Sri Lanka’s then-president, during a state visit to Colombo in 2014. Rajapaksa resigned as the island nation’s prime minister this week following months of protests. Photo: AP
