Foreign Minister Dr AK Abdul Momen has ruled out the perception that Bangladesh is leaning towards China. Bangladesh maintains a balanced and independent foreign policy, he said. 

“Some say we are tilted towards China. Apparently forcibly, it’s being said. We maintain a balanced and independent foreign policy. We are not tilted towards anybody,” he said, recalling the historic quote of Father of the Nation Bangabandhu Sheikh Mujibur Rahman: “Friendship to all, malice towards none.”

Speaking at the ‘DCAB Talk’ today, the foreign minister said Bangladesh’s aim is development and public welfare, and the government has been focusing on that goal.

He reiterated that Bangladesh will never fall into the so-called “Chinese debt trap”, as suggested and accepted by many.

“This is a wrong perception. Some pundits say this. Many accepted it, especially some foreign institutions. Under no circumstance, will we fall into ‘Chinese debt trap’,” Momen said.

He said some people had perpetuated the “wrong perception” that after Sri Lanka, Bangladesh would fall into the “Chinese debt trap”.

“We are very prudent. We are very careful when taking foreign loans. We do not take unnecessary loans,” he said, sharing statistics.

Read: Bangladesh’s foreign debt flow down by 24.38% in July-Aug: ERD report

According to the IMF, Momen said, if any country takes over 55 percent of its loans from a single country, then the former risks falling into a debt trap.

“Our overall debt is only 13.78% of the GDP. Out of this, 61% was taken from international agencies like ADB, IMF and the World Bank. As a single country, Japan is the highest loan provider with 17%,” he said.

From China, Momen claimed, Bangladesh has taken USD 3.5 billion, which is 0.75% of the total GDP.

Momen described Bangladesh’s relationship with India as “rock-solid”. “We are in a golden chapter in our relations with India. It is a rock-solid relationship.”

The foreign minister quoted US President Joe Biden as saying that America wants to improve relations with Bangladesh. “They are sending one delegate after another. It’s good. We have good relations with all countries. That is why when we contest any election in the UN, we win. Our relations have improved with all countries,” he said.

Regarding Bangladesh’s Indo-pacific Outlook, Momen said Bangladesh is in a good position geo-strategically.

Read: Bangladesh’s foreign debt far below risk limit: Economic review tells PM

He said China is a rising star and Bangladesh wants open, free, secure, inclusive and rules-based navigation for all in the Indo-Pacific region. “Countries like India and Japan want to see the same. We added ‘inclusive’ in our outlook, as we want to live harmoniously with all countries.” 

Momen highlighted Prime Minister Sheikh Hasina’s policy of sustainable peace, saying that without peace and stability, development is impossible.

Diplomatic Correspondents Association, Bangladesh (DCAB) organised the event at the Foreign Service Academy in Dhaka. DCAB President Rezaul Karim Lotus and General Secretary Emrul Kayesh also spoke on the occasion.

Read more: Bangladesh’s per capita foreign debt now stands at Tk 24,890