China 'under pressure' to write off loans as countries struggle to repay during coronavirus crisis
"Many countries under the initiative have borrowed heavily from China to invest in new projects, but the pandemic is disrupting economies and will complicate repayment plans," said Kaho Yu, senior Asia analyst at Verisk Maplecroft.
With the development of the Belt and Road Initiative, Poland will be able to export its food products to China by rail, according to the Polish State Railways Cargo. Photo by Jaap Arriens/Xinhua via Getty) China could find itself having to write off massive loans as countries that owe Beijing money under its massive infrastructure project struggle with mounting debts in the coronavirus fallout, analysts say.— is highly controversial and widely criticized for saddling many countries with debt.
"Many countries under the BRI initiative have borrowed heavily from China to invest in new projects, but the pandemic is disrupting economies and will complicate repayment plans," Kaho Yu, senior Asia analyst at Verisk Maplecroft, told CNBC. Several major BRI projects — such as those in Indonesia, Malaysia, Cambodia, Sri Lanka and Pakistan — have been stalled by lockdowns, according to Simon Leung, a banking and finance partner at law firm Baker McKenzie.
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