Other publications

The Belt and Road Initiative (BRI), a very large-scale Chinese initiative supported by more than 130 countries around the globe, is by its very nature a cross-border phenomenon. Thus, it is vulnerable to the coronavirus-induced economic crisis. In this article, EFSD Chief Economist analyzes various negative effects of COVID-19 on the BRI for cross-border movement of goods and people, debt and fiscal sustainability of recipient countries, risks of diminishing availability of financial resources, risks for the emerging multilateralization of the BRI, etc. Based on that, he formulates a number of policy recommendations. The article ends up with a plea to look beyond the immediate effects and limitations faced in the heat of the battle against the coronavirus-induced crisis. The BRI community should perceive and treat the BRI as a truly long-term policy.

Most countries in the Central Asia and South Caucasus region have a multi-vector approach to their external relations and hence would expect to rely on multiple partners to help advance their national economic and political agendas. Moreover, it is clear that, for the best possible impact of the BRI, cooperation not only among the countries of the region and with China, but also with other partners—bilateral and multilateral—will be needed. It is thus important for the CASC countries to understand the motivations and concerns of the outside powers that may have a role in making the BRI a success (or a failure, as the case may be). This publications compiles the five background notes prepared by experts from these outside powers