China, one of the world's largest single creditor nations, gives big loans to developing and least developed countries to make them dependent on it, US geopolitical expert Richard Benkin said Thursday.
Sri Lanka, Pakistan, Djibouti, the Maldives, and Montenegro are "victims" of China's debt trap diplomacy, he added.
The US expert was speaking at the seminar "Debt Trap Diplomacy: A Robust Threat and Corruption Institutionalized" organised by The Asian Age in the capital Thursday.
The Asian Age Chairman Shoeb Chowdhury presided over the programme. The Asian Age Editor-in-Charge Selim Omrao Khan and Advisory Editor AKM Shameem Chowdhuri were also present.
"Pakistan has turned into a failed state as a result of taking Chinese loans," Benkin said.
He referred to Sri Lanka as another country that has plunged into insurmountable woes because of getting cobwebbed with Chinese financial deals.
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Other speakers talked about the "syndicated corruption" that has been taking place in various countries through Chinese financial schemes.
"Financial vices like" money laundering have taken a monstrous shape in many countries for their involvement with Chinese debts and Chinese projects, they said.
Also, the discussants called upon the Bangladesh government not to fall into Chinese financial traps.
Former secretaries Mostafizur Rahman and Kamal Uddin Talukder, UN Disability Rights Champion Abdus Sattar Dulal, former ISPR director Shaheenul Islam, Professor Mohammed Nuruzzaman of North South University, Professor Nazmul Ahsan Kalimullah of Dhaka University, Bangladesh Christian Association President Nirmol Rozario, Daily Ittefaq Associate Editor Mohshin Habib, Advocate Saikat Paul and The Asian Age Senior Business Reporter Nasir Uddin Shah were also present at the programme.