Bangladesh will never fall into the Chinese debt trap as suggested by many, Foreign Minister Dr AK Abdul Momen has said.
"Under no circumstances will we fall into the Chinese debt trap," he said while talking to diplomatic correspondents at a program on Saturday.
Diplomatic Correspondents Association, Bangladesh (DCAB) organized the event titled DCAB Talk at the Foreign Service Academy in Dhaka. DCAB President Rezaul Karim Lotus and General Secretary Imrul Kayes conducted the program.
He said some people had given the "wrong perception" that after Sri Lanka, Bangladesh would fall into the Chinese debt trap.
"We are prudent. We do not take out unnecessary loans," he said, citing statistics.
"According to the IMF, if you have taken out above 55% of your loans from a single country, you can fall into a debt trap… our overall debt is only 13.78% of the GDP. Of it, 61% was taken out from international agencies. As a single country, Japan is the highest [lender] at 17%," he said.
"From China, we have taken 3.5 billion dollars, which is only 0.75% of the total GDP," the minister added.
"Some say we are tilted towards China. We maintain a balanced and independent foreign policy. We are not tilted towards anybody. Our aim is development and public welfare," he said.
"We are in a golden chapter in our relations with India. It is a rock-solid relationship. US President Biden said he wants to improve relations with Bangladesh. They are sending one delegate after another. It is good… We have good relations with all countries. That is why when we contest any election in the UN, we win," he said. "Our relations have improved with all countries."
He highlighted Prime Minister Sheikh Hasina's policy of sustainable peace, saying without peace and stability development was impossible.
"Look at Libya, look at Afghanistan," he said, asking all to focus on Bangladesh's stability.
"If the country is destroyed, everyone will be affected," he said.
Replying to a question, he said there was no example of a prime minister of any country resigning before its election.
"Have you ever heard of Republicans and Democrats engaging in dialogue before an election [in the US]?" he asked.