Neighboring countries are now learning to see Pakistan under Chinese control. India’s former neighbor Myanmar has learned from Pakistan’s debt slavery.
Neighboring countries are now learning by watching Pakistan under Chinese rule. India’s former neighbor Myanmar has learned from Pakistan’s debt slavery. Myanmar has seen how China has trapped other countries through its Belt and Road Initiative (BRI). That is why Myanmar is now realizing China’s intentions and withdrawing its steps.
India’s former neighbor China has begun reviewing a number of projects under the Myanmar Economic Corridor (CMEC), valued at ১০ 100 billion, far more than Pakistan’s পাকিস্ত 4 billion Chinese investment. CMEC has linked China’s Yunnan province to the central Myanmar region. This is strategically important for China, as the western port of Qiaoqfu, along the Bay of Bengal, will allow China to enter a strategic location.
China plans to implement about 36 projects in Myanmar under the 1,700-kilometer CMEC. Subsequently, learning from the experience of other countries, only nine of these were approved.
Myanmar has stopped various steps of the projects and formed a commission to review them. Foreign consultants are invited to participate in the CMEC project. This move is going to suppress the Chinese monopoly.
Interestingly, Myanmar has come to the conclusion that Beijing cannot be trusted and that projects need to be examined and understood in addition to reducing the cost of projects. The government further understands that the projects should benefit the Chinese company rather than benefit the people of Myanmar.
Myanmar is busy finalizing an international consultant to the new developer instead of China Communication Construction Company Limited (CCCCC). Eight billion dollars is planned to be spent on developing a completely new settlement on about 20,000 acres of land.
The major concerns are the financial size of the project, the Chinese partnership and the location of the project. The location chosen by China is a flood-prone area and Myanmar does not feel comfortable in this project. The size of the project has annoyed other potential investors, which is why Myanmar has decided to divide the project into manageable parts and reduce the amount of investment. Myanmar officials are now hoping to make the project transparent as well as invite international organizations later in the year.
Myanmar has prepared various measures to reduce Chinese greed and reduce dragon interference.
In June this year, Myanmar’s Auditor General Maw Than warned his government about the high interest rates charged by China on loans rather than international rates. Out of a total debt of about িয়ন 10 billion, Myanmar has paid চার 4 billion to China. He warned lawmakers, “The truth is that Chinese loans are more of an interest rate than loans from financial institutions like the World Bank or the IMF. So I want government ministers to be more restrained in using Chinese loans. Remind me to stay there.”