South-east Asian nation fears development of Kyaukpyu port could leave it heavily indebted to China, official says
Myanmar has scaled back plans for a Chinese-backed port on its western coast, sharply reducing the cost of the project after concerns it could leave the south-east Asian nation heavily indebted, a top government official and an adviser told Reuters.
The Kyaukpyu port is a key part of China’s ambitious Belt and Road initiative, aimed at expanding trade links across the world. While Beijing says Belt and Road is mutually beneficial for it and its partners, questions have been raised about countries taking on excessive debt to build projects.
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