Why Sri Lankans ‘mute’ over China’s delay in IMF loan push?

Pro-Chinese MP Wimal Weerawansa manipulated to write a book about US conspiracy theory….

The IMF has urged the crisis-hit Sri Lankan government to decide on debt restructuring, including with China, by October this year in order obtaining the applied bailout fund of USD 2.9bn from the IMF and China's delaying tactics are clearly indicate that without their assistance, an IMF bailout would be impossible.

When the IMF team agreed for a bailout for Sri Lanka, President Ranil Wickremesinghe endorsed that Sri Lanka is no longer deemed bankrupt by the world.

China's role as Sri Lanka's main creditor has drawn global attention, as the delay caused by China in obtaining the IMF bailout is being closely monitored and questioned. Similarly, China, being a major creditor of Sri Lanka, closely observes other countries' actions regarding an IMF bailout for Sri Lanka.

The current IMF team in Colombo anticipates that the restructuring process will be finalized during the first review of the program, scheduled for September or October this year. When the media questioned what would be the fate if the government does not finalise it before October, the IMF team said they have ‘faith’ and should not be hypothetical about it.

Additionally, during a recent visit to Sri Lanka, Afreen Akhter, the Deputy Assistant Secretary of the US Bureau of South and Central Asian Affairs (SCA), emphasized the importance of China's formal participation in the common framework for creditor talks established by India and the Paris Club. This framework aims to facilitate Sri Lanka's debt restructuring.

Krishna Srinivasan, Director of Asia and Pacific Department, IMF, said that the Sri Lankan Government is making good faith efforts and negotiating with all creditors, private and official creditors.

He said, “You may have seen, three countries India, Japan, and the Paris Club team together to form a credit committee. And China decided to be observer to this group. So, that's a process development.”

Why China is slow?

 Bangladesh, Maldives, Nepal, and Sri Lanka showcase the various engagement approaches employed by China in the multidimensional South Asian region. These countries' encounters with Chinese investments and influence provide valuable insights for debt-ridden nations like Sri Lanka, while also utilizing influencers to highlight China as a valuable development partner throughout the region.

Vulnerable countries like Sri Lanka, with significant disparities in Chinese activism and local capacity face unique challenges. In these nations, the methods and impact of China's activities are not well comprehended by local experts and elites. Additionally, policy approaches frequently rely on Western solutions without considering local realities.

China's influence in Sri Lanka has become so dominant that even though China is buying additional time to restructure its debt, a crucial step for securing the long-awaited IMF bailout, there appears to be no response from the desperate people of the island on China’s inaction.

China's media influence in Sri Lanka grew from 2019 to 2021, with a focus on targeting younger Sri Lankans through pro-Beijing influencers on social media. Agreements with influential individuals and think tanks also influenced media discussions.

 The other reasons are its close ties with the elites like the Rajapaksas who have favoured the Chinese presence and also gaining additional payments for approving their projects.

China is seen as a friendly power that balances Sri Lanka against Western and Indian influence, particularly concerning minority issues. The Chinese government consistently opposes negative international narratives about the minority community, which is perceived as a favor to the Rajapaksas, who have been accused of human rights violations against Tamils and Muslims.

At the same time, public backlash and concern over its economic influence has grown since a Chinese state-run company was awarded a 99-year lease to Sri Lanka’s Hambantota Port in 2017 and China needed many to back them to tell the world that it was given for a right purpose and made all the government’s cabinet ministers to support them and their endeavours in Sri Lanka.

Pro-Chinese MP Wimal manipulated to attack US

Wimal Weerawansa and other politicians have strongly criticized the United States, which happens to be the largest buyer of Sri Lankan apparel and a significant donor country. Julie Chung, the US Ambassador to Sri Lanka, commented on the bailout package, stating that Sri Lanka should treat all donor countries equally and ensure a level playing field for everyone, rather than prioritizing one country over another.

He was one of guests who was at the welcoming ceremony of the controversial Chinese vessel research vessel ‘Yuan Wang 5’ at the Hambantota Port last August.

 Despite India said not to entertain the ship Sri Lanka was forced to surrender to the wishes of the Chinese and help dock the ship that infuriated the Indians another big development partner of Sri Lanka. 

MP Weerewansa's visit to the ceremony at the Port was deemed "unnecessary." He consistently criticized the West but refrained from doing so towards the Chinese, who caused delays in the IMF deal.

Weerawansa recently published a book called "Nine: The Hidden Story," alleging that the US orchestrated an uprising in Sri Lanka to overthrow Gotabaya Rajapaksa's government. US Ambassador Julie Chung expressed disappointment in the book, labeling it as fiction. The pro-Chinese politician misquoted journalists who met with the US Ambassador, attempting to support the conspiracy theory. The accused journalists did not challenge the minister, knowing their remarks were insignificant. Weerawansa previously claimed a conspiracy to assassinate President Rajapaksa and military officials, with the Speaker of Parliament assuming control of an interim government. He also suggested that the absence of former Army Commander General Shavendra Silva before Gotabaya's departure was suspicious, and the UN's human rights allegations aimed to control Gotabaya.

The Defence Ministry responded to Weerawansa's allegations and stated that the General had traveled to India to attend the Deputy National Security Advisor Level Meeting of the Colombo Security Conclave.  

The Chinese Communist Party's (CCP) covert activities in Sri Lanka are known but ‘silenced’ by politicians, media personnel, and social influencers who have received significant financial benefits.