China Is Becoming a Challenger to the IMF for Emerging Countries, but With Disastrous Effects.

The recent example of Sri Lanka is a reminder of this.

In recent years, China has provided tens of billions of dollars in emergency loans to countries threatened by financial crises. In doing so, Beijing is positioning itself as an alternative to the International Monetary Fund (IMF), the United Nations organization that tries to ensure the stability of the global monetary system.

The three main recipients o…