« Mired by Multiple Loan Sharks » by Amra Ismail

After a nearly three-decade civil war those devastated by it had to rebuild their lives and finding employment was a challenge. The strategy adopted by the Government was to expand credit and promote self-employment. But then things took a turn for the worse when their livelihoods did not flourish. People could not repay the mounting debts. The once war-torn areas of the country are now mired by multiple loans which include ‘predatory’ microfinance loans and loans provided by informal lenders at exorbitant interest rates.Failed attempts at self-employment coupled with accumulating high interest loans have now driven families to the brink of poverty.

via: www.dailymirror.lk/article/Mired-by-Multiple-Loan-Sharks-149365.html

source: dailymirror.lk

« Sri Lanka’s new leaders seek $4bn IMF bail-out » by brecorder.com

Sri Lanka’s new government will seek to borrow more than $4.0 billion from the IMF and other international lenders as it « restructures » expensive Chinese debt, the finance minister

via: http://www.brecorder.com/top-news/1-front-top-news/224306-sri-lankas-new-leaders-seek-$4bn-imf-bail-out.html