Letter: Should the Diaspora dig Jamaica out of China debt trap without the right to vote?
A classic case of underdevelopment at play with China’s involvement in Jamaica now being played out in Sri Lanka as “Sri Lanka has fallen knee deep in China’s debt trap after it invested billions of dollars in huge infrastructure projects – on China’s guidance and promises.” Is Malaysia next after Sri Lanka falls knee deep in China’s debt trap?
Politics must not be the driver in economic development decisions as we are amassing huge amount of phantom debt using Chinese model of development. The billions of US dollars in “phantom debt” that is supposedly off-books will cripple any chance of economic growth for years to come under current and proposed infrastructure contracts with the Chinese.
In fact, according to International Financial Reporting Standards (IFRS), we are “Enron-dizing” our national accounts as these are hidden liabilities that must be accounted for and are indeed a taxation on the backs of the Jamaican people.
Like Sri Lanka, we are caught in China’s debt trap, as the Chinese have conned the Jamaican government and people into accepting the future of the economic benefits of their investments while China reaps the present value of the economic benefits in current dollars from their investment creating a classic case of underdevelopment across Africa and the Caribbean.
Continued dealings with China Harbour Engineering Company (CHEC) are inconsistent with our laws. It is theft to charge the Jamaican people US$18.5 million for every mile traveled on the north-south highway.
“The Office of the Contractor General (OCG), in keeping with its mandates under the law, has always been of the view that Jamaica’s economic development must be pursued in a sustainable and responsible manner, and within an appropriate system of institutionalized independent checks and balances which will ensure probity, transparency, accountability and value for money in all government commercial transactions,” he continued. ~ Greg Christie