India, July 22 -- The IMF's decision to crack the whip on tax breaks granted by the Sri Lankan government to the Port City Colombo project is a welcome move because such non-transparent measures have largely benefited Chinese State-run firms implementing such ventures. It is also significant that IMF has nudged Sri Lanka to amend certain investment-related laws to make them more rules-based and aligned with international best practices. It should be noted that the China Harbour Engineering Company (CHEC), which is building the $1.4-billion Port City Colombo, was involved in the unsustainable development of the strategic Hambantota port, which Sri Lanka was forced to hand over to China on a 99-year lease after struggling to repay its debts...
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