« 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

« China to give Sri Lanka $2.2 billion in loans for infrastructure projects » (The Times of India)

China has offered Sri Lanka about $2.2 billion in loans for infrastructure projects and a free trade pact, the island nation said on Wednesday, moves that could stoke fresh unease in India about Beijing’s expanding influence in its neighbourhood.

Via http://timesofindia.indiatimes.com/world/south-asia/China-to-give-Sri-Lanka-2-2-billion-in-loans-for-infrastructure-projects/articleshow/20330279.cms

Source: www.TimesofIndia.IndiaTimes.com