Malaysia has been urged to learn from Sri Lanka’s mega Chinese debt fiasco, the Malaysiakini website reported.
Malaysia must learn from Sri Lanka’s experience before it is too late, and ensure the feasibility of all mega projects are thoroughly studied and they are awarded through open tender, said the Democratic Action Party’s Damansara Utama assemblyperson Yeo Bee Yin today.
Citing the huge debts incurred by Sri Lanka after taking in money from China to fund underutilised mega infrastructure, Yeo said there are chances that reckless mega infrastructure constructions will send Malaysia into a deep debt trap.
“Instead of investing in education and health care, Sri Lanka spends most of its revenue now to pay off the debts to China that was used to finance the now underutilised mega infrastructure, from port to airport,” she said. (Colombo Gazette)