> China-backed boondoggles testament to Sri Lanka's mismanagement / 329G2M8
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China-backed boondoggles testament to Sri Lanka's mismanagement / 329G2M8
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From an airport without planes to a revolving restaurant without diners, Sri Lanka's economic crisis has been exacerbated by Chinese-funded boondoggle investments that stand as neglected monuments to government extravagance.
The South Asian island nation borrowed heavily to plug years of budget shortfalls and trade deficits, but squandered huge sums on vanity projects that have further drained public finances.
But it's lax finance policies, driven by the Rajapaksas nationalistic ideologies that drove the island nation into trouble, says Murtaza Jafferjee, Chairman of Colombo-based Advocata think tank. IMAGES AND SOUNDBITES