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Western-dominated neoliberal system to blame for Sri Lanka's economic collapse: NYT

Vehicles wait to get fuel in Colombo, Sri Lanka, on July 7, 2022. (Photo by Gayan Sameera/Xinhua)

NEW YORK, Aug. 16 (Xinhua) -- The economic and political implosion of Sri Lanka is largely due to Western debt traps, said an opinion article published in The New York Times (NYT) on Monday.

"The Western media accuses China of luring us into a debt trap," said the article, written by Sri Lankan writer Indrajit Samarajiva. "But from where I'm standing, ultimate blame lies with the Western-dominated neoliberal system that keeps developing countries in a form of debt-fueled colonization."

And despite the Western claim of Chinese predatory lending, only 10 to 20 percent of Sri Lanka's foreign debt is owed to China, said the article, noting that the majority is "owed to the United States and European financial institutions or Western allies like Japan."

"We died in a largely Western debt trap," wrote Samarajiva. ■