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RYD date created : 2024-04-18T14:38:28.578388Z
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Top Comments of this video!! :3
China's conditions is you have to sign over certain physical assets, dams, property, etc when you fail to pay the loan on time.
This is in effect making African countries and others become sub-nations under the control of China.
China knows these countries will not be able to pay back the loans, so all they have to do is wait a short period of time when the loans are criminal banking activity.
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This is the situation. Countries that want loans for whatever, usually its for infrastructure development have choices to get their loans from: IMF, China, European countries, Russia, various rich Middle East countries. However, countries that want infrastructure development will choose the best option available. They are not being force to take a loan from a particular country, they are not forced to use that money to build something they don't want, and lastly, it's not written with conditions such as if you default from your loan, you'll have to cut social spending, sell off your right to natural resources , or privitize what your country owns, etc.
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China's conditions are that:
1) A heavy interest rate must be paid
2) All contracts from the money to be given to Chinese companies (so if you take the money to build a bridge, the bridge will be built by a Chinese company). This way, the money effectively goes back into China immediately, and it comfortably receives interest while increasing its export.
3) In case of failure to pay back, China takes control of the property.
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Sri Lanka and countries in Africa have learned that the Chinese money isn't expected to be paid back, in which take the lender forfeits the assets China built, and more if necessary. But for politicians with an urgent need for cash and a railway or a port and believing the projected return on a project that will takes years to complete and then fail, is a tempting offer. The IMF expects the money to be invested at the start to be purposeful and matched by rational government spending in other areas which is difficult for politicians buying short term loyalty. Needing an IMF loan at all is an indicator of poor governance.
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@ibrahimn22
5 months ago
Without a plan to pay back what you borrowed you will struggle to pay back the loan .
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