India warns of dangers of ‘hidden agendas’ in unviable projects or unsustainable debt

Colombo, Oct 11: India on Wednesday asked the countries in the Indian Ocean region to effectively address the development challenges as it warned them to be clear of the dangers of “hidden agendas” in unviable projects or unsustainable debt, in an apparent reference to China which is accused by the West of “debt trap” diplomacy. Speaking at the 23rd Council of Ministers Meeting of the Indian Ocean Rim Association (IORA) here, External Affairs Minister S Jaishankar said that it is important to maintain the Indian Ocean as a free, open and inclusive space based on the UN Convention on the Law of the Seas (UNCLOS), as the Constitution of the Seas. Later in his remarks to the press, Jaishankar said India’s commitment to the IORA is deeply rooted in the principles of peaceful coexistence, shared prosperity, and regional collaboration.
“For Member States to grow and prosper, development challenges must be continuously and effectively addressed. In particular, we should cooperate on various aspects of the maritime economy, resources, connectivity and security,” he said.
“We should be equally clear where the dangers are, be it in hidden agendas, in unviable projects or in unsustainable debt. Exchange of experiences, sharing of best practices, greater awareness and deeper collaboration are part of the solutions,” he said, without naming any country.
The Hambantota port, which was funded by a Chinese loan, was leased to Beijing in a 99-year debt-for-equity swap in 2017 after Sri Lanka failed to pay off the debt. China’s takeover of the Hambantota port on 99 years’ lease for a USD 1.2 billion debt swap drew international concerns over Beijing acquiring strategic assets far away from home by providing heavy loans and investment to smaller nations. There have been global concerns over debt traps and regional hegemony by China using its Belt and Road (BRI) infrastructure projects. (PTI)