Debt-trap in China's belt and road initiative (BRI): a case study of Srilanka

Pasaribu, Santya Novia Lyntone (2024) Debt-trap in China's belt and road initiative (BRI): a case study of Srilanka. Masters thesis, Universitas Pelita Harapan.

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Abstract

Belt and Road Initiative (BRI) adalah inisiatif besar China untuk meningkatkan konektivitas perdagangan, tetapi banyak ahli menganggapnya sebagai jebakan utang bagi negara kecil dan berkembang, seperti kasus penyerahan kontrol Hambantota Port kepada perusahaan China selama 99 tahun. Penelitian ini menyoroti hal selaras dengan mengambil studi kasus Sri Lanka. Sejak masa pemerintahan Rajapaksa, Sri Lanka sebagai negara dengan kerentanan struktur dan ekonomi, banyak sekali menerima investasi pembangunan dan infrastruktur dari China’s BRI. Sehingga penelitian ini bertujuan untuk menganalisa faktor-faktor utama yang menyebabkan Sri Lanka jatuh kedalam jebakan utang China’s BRI serta langkah atau kebijakan apa yang dapat digunakan Sri Lanka untuk menghandle situasi tersebut. Analisis ini didasarkan pada pemikiran Neorealisme dengan menggunakan pendekatan kualitatif serta metode studi kasus. Penelitian ini juga menggunakan teknik analisis naratif dalam proses analisa supaya interpretasi semakin akurat dan komprehensif. Hasil penelitian ini menunjukkan bahwa debt trap yang terjadi di Sri Lanka menjadi ancaman keamanan yang serius bagi Sri Lanka. Selain itu, adanya keinginan Sri Lanka untuk meningkatkan infrastruktur melalui kerjasama BRI project, catatan-catatan utang luar negeri Sri Lanka yang menumpuk, kesalahan dalam mengelola kebijakan fiskal, keinginan untuk mendapatkan perlindungan politik dan ekonomi dari China serta tatakelola yang buruk, menjadi faktor-faktor pendukung yang membuat Sri Lanka jatuh kedalam jebakan utang China’s BRI. Sehingga, dibutuhkan beberapa langkah kebijakan untuk meningkatkan transparansi, akuntabilitas dan tatakelola yang baik di Sri Lanka, untuk menghandle situasi jebakan utang yang telah dijelaskan didalam penelitian ini. / The Belt and Road Initiative (BRI) is a major Chinese initiative to improve trade connectivity, but many experts consider it a debt trap for small and developing countries, such as the case of handing over control of Hambantota Port to a Chinese company for 99 years. This research highlight the same case by taking a case study of Sri Lanka. Since the Rajapaksa administration, Sri Lanka as a country with structural and economic vulnerabilities, has received a lot of development and infrastructure investment from China's BRI. So this research aims to analyze the main factors that caused Sri Lanka to fall into China's BRI debt trap and what steps or policies Sri Lanka can use to handle the situation. This analysis is based on Neorealism thinking using a qualitative approach and case study method. This research also uses narrative analysis techniques in the analysis process to make the interpretation more accurate and comprehensive. The results of this study show that the debt trap that occurred in Sri Lanka became a serious security threat for Sri Lanka. In addition, Sri Lanka's desire to improve infrastructure through BRI project cooperation, Sri Lanka's accumulated foreign debt records, mismanagement of fiscal policy, the desire to get political and economic protection from China and poor governance, are supporting factors that make Sri Lanka fall into China's BRI debt trap. Thus, several policy measures are needed to improve transparency, accountability and good governance in Sri Lanka, to deal with the debt trap situation explained in this research.

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