Bangladesh will not fall into Chinese debt trap: Foreign Minister Dr AK Abdul Momen
Dr AK Abdul Momen, Foreign Minister of Bangladesh said that Bangladesh is not subservient to any country while it never tilted towards China, because Dhaka maintains a ‘balanced and independent’ foreign policy.
While speaking at an interaction with members of Diplomatic Reporters Association of Bangladesh (DCAB) at the Foreign Service Academy in Dhaka he said, “We are not anyone’s tail. We are not China’s tail.”
“Some people think we are rushing towards China, but we are not heading towards anyone,” the Minister added.
He mentioned Beijing a development partner but ruled out any possibility of being exposed to “Chinese debt trap”, an idea, which was propagated by some groups or ‘pundits’.
The Minister said, “Under no circumstance, we will fall into Chinese debt trap. This is a wrong perception. Some pundits say this and many believe it, especially some foreign institutions. We are very prudent, careful in taking foreign loans. We do not take unnecessary loans.”
He said that Bangladesh steadily continued to follow Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s historic foreign policy: Friendship to All, malice towards none; to pursue its aim to ensure the country’s development through public welfare.
He called Dhaka’s ties with next door neighbour India “rock-solid.” And “we are in a golden chapter in our relations with India.” Dhaka-Washington relation was good as well and according to US President Joe Biden, Washington wants to improve relations with Bangladesh, he added.
The Minister said, “Dhaka was maintaining close ties with Middle Eastern countries including Saudi Arabia, UAE and Qatar. We have good relations with all countries. That is why when we contest any election in the UN, we win. According to IMF, a country could be exposed to risks of being debt-trapped if over 55 per cent of its overseas loan comes from a single source or country.”
He added that foreign loans stake in Bangladesh’s GDP was 13.78 per cent, of which 61 per cent was provided by international agencies like ADB, IMF and the World Bank while Japan became Bangladesh’s highest single country loan provider with 17 per cent. From China, Bangladesh took US$ 3.5 billion, which is 0.75 per cent of the total GDP.
Rezaul Karim Lotus, president of DCAB moderated the forum’s flagship event.
