Germany has questioned China's debt policy and said that a new crisis may arise in front of the world. German Chancellor Olaf Scholz called China's debt policy a lack of transparency and said it was a threat to developing and emerging countries. He said that this could lead to a new debt crisis facing the world.
German Chancellor Olaf Scholz's statement comes amid the crisis in Sri Lanka and the ongoing economic crisis in Pakistan. In a panel discussion on Germany's Catholic Day in Stuttgart, Scholz said, "It is indeed a serious threat; the next major crisis in the Global South will be the debt that China has lent to the world and does not fully monitor itself." Because it involves a lot of players.
This policy of China will affect the whole world
Scholz further said that going forward, this would put both China and the countries of the Global South in a major economic and financial crisis, and the rest of the world could not be untouched by it. The Global South that Olaf Scholz has talked about is also called a third-world country. These include Asian countries like Sri Lanka, Pakistan, Iraq, and Iran. Apart from this, Latin American countries, Caribbean countries, and African countries are also called South World Countries.
China's debt of more than $ 11 billion to Pakistan alone
Talking about China's debt, so far it has given a loan of about $ 11 billion to Pakistan. Last financial year, Pakistan paid 26 billion Pakistani rupees to China as interest. According to media reports, Sri Lanka, which is currently facing a financial crisis, has a debt to China. China alone accounts for 20 percent of the $5 billion foreign debt on Sri Lanka.
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