China recently sent a research vessel to the Sri Lankan port of Hambantota, and Colombo chartered it to Beijing for 99 years in 2017 after failing to pay its debt to China. China denounced the expedition as a possible threat to New Delhi’s “security and economic interests”.
According to Reuters, the Chinese research vessel Yuan Wang 5 has been sailing to the port of Hambantota in southern Sri Lanka since July 28 and is scheduled to arrive on August 11. The news agency cited data from Refinitiv Eikon, an information platform on finance. A Sri Lankan consulting firm with ties to the market and the Chinese government was named the Sri Lanka Belt and Road Initiative.
The Sri Lankan consulting firm said on its website that the Chinese research vessel “will stop at Hambantota port for a week on 11 August. Expected release on August 17 after the refresh. Yuan Wang 5 will conduct space tracking, satellite control and monitoring research in the northwest Indian Ocean region in August and September.”
The Beijing Belt and Road Initiative (BRI) allows the Chinese government to finance new infrastructure projects or build old ones in low-income countries. Projects often rely on predatory credit structures that could sink already struggling economies with more debt to Beijing. This was the case when Sri Lanka was forced to relinquish control of the port of Hambantota in 2017 after defaulting on a debt owed to the Chinese government due to BRI loans.
On 28 July, the Government of India expressed its concern that a Chinese research vessel would dock at Hambantota port on 11 August. India. Sri Lanka is a relatively small island country located in the Indian Ocean off the southeast coast of India.
“We are aware of reports of the alleged visit of this ship to Hambantota in August,” Indian Foreign Ministry spokesman Arindam Bagchi said at a news conference on Thursday, when asked about the issue.
As quoted by the Press Trust of India (PTI), “The Government closely monitors any developments related to India’s security and economic interests and takes all necessary steps to protect them.” said.
Sri Lanka’s economy collapsed in early March after the import-dependent country nearly ran out of foreign exchange reserves it used to buy essential goods. The financial turmoil caused severe food, fuel and medicine shortages, prompting citizens to protest vigorously against the government, which they accused of mismanagement. Former President Gotabaya Rajapaksa resigned on July 14 after fleeing from Colombo to the Maldives and then to Singapore.
New Delhi is investing heavily in maintaining Sri Lanka’s sovereignty, which it sees as a buffer between India and an increasingly encroached China. The Indian government has given Sri Lanka around $4 billion in financial support this year alone, Reuters reported on July 28.
Source: Breitbart
