Microfinance in Sri Lanka part 1
Business Daily
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The Debt Crisis in Nime
Dukkha was told she'd only get her loan when she enlisted 25 other villagers to sign up to the same deal. One or two women acting as agents were more ruthless in their deception according to local activist Masala Koralalake. Most women in villages in this region now have debts, with rates of interest starting at around 30% a year. That figure can rapidly escalate once a borrower defaults - and tactics used to extract payment can be threatening too.
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