Date
21 February 2020
Mike Pompeo has been a vocal critic of Chinese investments across the globe, alleging that it leaves poorer nations saddled with too much debt. Photo: Reuters
Mike Pompeo has been a vocal critic of Chinese investments across the globe, alleging that it leaves poorer nations saddled with too much debt. Photo: Reuters

Pompeo cautions nations against taking ‘easy money’ from China

US Secretary of State Mike Pompeo on Wednesday cautioned nations against taking “easy money” from China, warning that such moves could be counterproductive, Reuters reports.

Speaking in Kingston, Jamaica, the final stop of his Western Hemisphere tour, Pompeo questioned what value Chinese money brings if it “feeds corruption and undermines your rule of law.”

“Look into those investments if in fact they ruin your environment, and don’t create jobs for your people,” he added.

Pompeo has been a vocal critic of Chinese investments across the globe that the United States terms “debt diplomacy,” alleging that it leaves poorer nations saddled with too much debt.

On Tuesday, he drew the ire of Chinese officials when he said “flashy” Chinese economic promises often produce debt dependency and erode the sovereignty of borrower nations, the report noted.

In Kingston, Pompeo also doubled down on his criticism of Venezuela’s government, telling Caribbean nations that they should look to boost ties with Washington instead.

The days when Venezuela could use its petrodollars to win over neighbors are over, Pompeo said.

He predicted that Venezuela’s oil program in the Caribbean, launched in 2005 and known as Petrocaribe, was “fading into the sunset” along with President Nicolas Maduro’s administration.

Pompeo’s remarks came after Venezuelan state oil company PDVSA announced in a statement that Maduro was “committed to relaunching Petrocaribe with force.”

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