We should not be skeptic of BRI: Minister Khatiwada

Published On: November 19, 2018 08:05 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Nov 19: Minister for Finance, Yuba Raj Khatiwada, has said that Nepal should not be skeptic of China's Belt and Road Initiative (BRI), claiming that it creates a win-win situation for all the nations involved.

At an international conference on BRI organized by Nepal-China Friendship Forum in Kathmandu on Sunday, Minister Khatiwada said, “Nepal is clear about its view on the BRI. We should not be skeptical about it.”

Minister Khatiwada claimed that the debts under the initiatives are sustainable and will come handy to Nepal at a time when the investments in infrastructures are set to decrease. “With more investments needed for social security, we are set to see a decrease in investments in infrastructures,” he said, “The Chinese loan will be of good help then.”

Khatiwada also stressed the fact that all the nations under the initiative should come together in planning, working and sharing the benefits of the initiative to make sure that it becomes a success.

In the function, Chinese ambassador to Nepal Yu Hong said that BRI is not a death trap for the south Asian developing nations, claiming that the initiative aims to create a win-win situation for all the parties involved.

Ambassador Yu said that there are enough evidences which support the fact that the initiative can produce positive result. The international community is divided over the initiative with some nations terming the initiative as a 'Chinese deathtrap' claiming that the loans granted by China will create problems for the developing nations.

Citing the example of Sri Lanka which only owes 10 percent of its foreign loans to China even after taking significant loans from China, ambassador Hong said, “China offers loan with interest rates ,lower than those in the global market. How can the loans be a problem?” She added that it is high time that China and South Asian countries worked together for the initiative.

Various international experts will come together at the two-day conference and engage in deliberations, sharing of experience, knowledge and expertise on various topics relating to BRI.


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