• Latest
  • Trending
A grim new year for debt-trapped rural women in Sri Lanka

A grim new year for debt-trapped rural women in Sri Lanka

April 13, 2021
Electricity

Power cut schedule for July 6 in Sri Lanka

July 5, 2022
Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

July 5, 2022
Rain. Image credits - Max Bender @maxwbender / Unsplash

Why Australia is battling floods again

July 5, 2022
The highest paying jobs without a degree in 2022

The highest paying jobs without a degree in 2022

July 5, 2022
Vaccine. Image credits - Swarnavo Chakrabarti / Unsplash

Authorities in Sri Lanka issue a Covid wave warning

July 5, 2022
Pomegranate Juice

Fifteen health benefits of pomegranate juice

July 5, 2022
Queen Elizabeth

Five ways the monarchy has benefited from colonialism and slavery

July 5, 2022
Sri Lankan parliament

WATCH: Today’s parliament session live; President Gotabaya Rajapaksa arrived in parliament

July 5, 2022
Why is the UK economy suffering more than other countries?

Why is the UK economy suffering more than other countries?

July 4, 2022
Covid health guidelines. Image credits - Phil Hearing / Unsplash (Representational image)

Covid: UK hospital cases set to rise, says health chief

July 4, 2022
Bangladesh’s exports climb to a record US$ 52bn in FY22

Bangladesh’s exports climb to a record US$ 52bn in FY22

July 4, 2022
Pope Francis denies he is planning to resign soon: Reuters exclusive

Pope Francis denies he is planning to resign soon: Reuters exclusive

July 4, 2022
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Wednesday, July 6, 2022
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Electricity

    Power cut schedule for July 6 in Sri Lanka

    Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

    Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

    Vaccine. Image credits - Swarnavo Chakrabarti / Unsplash

    Authorities in Sri Lanka issue a Covid wave warning

    Sri Lankan parliament

    WATCH: Today’s parliament session live; President Gotabaya Rajapaksa arrived in parliament

    Bangladesh’s exports climb to a record US$ 52bn in FY22

    Bangladesh’s exports climb to a record US$ 52bn in FY22

    Shipping professionals discuss connectivity between Colombo and Chattogram in Bangladesh  

    Shipping professionals discuss connectivity between Colombo and Chattogram in Bangladesh  

    US bid to rope Sri Lanka into Quad using economic crisis  

    US bid to rope Sri Lanka into Quad using economic crisis  

    Miss India: Sini Shetty was announced winner at the grand finale in Mumbai. (Image courtesy: Instagram)

    Miss India 2022 winner is Sini Shetty from Karnataka

    The economic aspect of foreign relations in South Asia

    The economic aspect of foreign relations in South Asia

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Rain. Image credits - Max Bender @maxwbender / Unsplash

    Why Australia is battling floods again

    The highest paying jobs without a degree in 2022

    The highest paying jobs without a degree in 2022

    Pomegranate Juice

    Fifteen health benefits of pomegranate juice

    Queen Elizabeth

    Five ways the monarchy has benefited from colonialism and slavery

    Why is the UK economy suffering more than other countries?

    Why is the UK economy suffering more than other countries?

    Covid health guidelines. Image credits - Phil Hearing / Unsplash (Representational image)

    Covid: UK hospital cases set to rise, says health chief

    US bid to rope Sri Lanka into Quad using economic crisis  

    US bid to rope Sri Lanka into Quad using economic crisis  

    Covid-19 virus evolving to get better at becoming airborne: Report

    Nine Omicron symptoms affecting the fully vaccinated – and signs you may have it

    Gun

    Copenhagen shooting: Gunman kills three in shopping mall

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Kamal Haasan's Vikram is on a rampage.

    Kamal Haasan’s Vikram is the highest-grossing film in Singapore, UK and UAE

    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    ‘KGF Chapter 2’

    ‘KGF Chapter 2’ becomes 3rd-highest-grossing Hindi film

    Popular Bollywood stars Ranbir Kapoor and Alia Bhatt were married Thursday in a private ceremony at their Mumbai residence. Image credits - Sujit Jaswal via AFP / Getty Images

    Bollywood stars Ranbir Kapoor and Alia Bhatt marry in Mumbai

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Pomegranate Juice

    Fifteen health benefits of pomegranate juice

    This April 2022 handout photograph provided by RR Auction shows cockroaches which were fed moon dust from the 1969 Apollo 11 mission, which were pulled from an auction listing after NASA said the cockroaches and a small vial of moon dust are property of the federal government. (Photo: AP)

    Give us back our moon dust and cockroaches: Nasa

    Moon. Image credits - Ganapathy Kumar / Unsplash

    China finds signs of water in moon’s ‘Ocean of Storms’

    What we should know when we speak of food security?

    What we should know when we speak of food security?

    Beetroot is rich in nitrates and is loaded with health benefits. (Photo: Getty Images)

    Drinking beetroot juice daily could help people with heart condition

    Close-up view of a cancer cell. Credit: Alexey Kotelnikov / Alamy Stock Photo

    Massive breakthrough as cancer vanishes for all patients in drug trial

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    In this 1971 Center For Disease Control handout photo, monkeypox-like lesions are shown on the arm and leg of a female child in Bondua, Liberia. CDC | Getty Images

    The Covid conspiracies being recycled for monkeypox

    Exercise. Image credits - Victor Freitas @victorfreitas / Unsplash

    Best exercise time differs for men and women, says US study

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Bitcoin. Image credits - Onov3056

    Bitcoin slides below $20,000 to lowest level in 18 months

    Digital banking platform Revolut launches in Sri Lanka

    Digital banking platform Revolut launches in Sri Lanka

    Microsoft's Internet Explorer was first included with a Windows 95 upgrade pack. Image credits - Ina Fried/CNET

    End of an era: Microsoft retires Internet Explorer

    Cryptocurrency boom. Image credits - Executium @executium / Unsplash

    Cryptocurrency market value slumps under $1 trillion

    iPhone. Image credits - Tron Le @tronle_sg / Unsplash

    EU deal to force iPhones to use USB-C charger by 2024

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp to get edit button, undo messages and other features soon 

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Electricity

    Power cut schedule for July 6 in Sri Lanka

    Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

    Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

    Vaccine. Image credits - Swarnavo Chakrabarti / Unsplash

    Authorities in Sri Lanka issue a Covid wave warning

    Sri Lankan parliament

    WATCH: Today’s parliament session live; President Gotabaya Rajapaksa arrived in parliament

    Bangladesh’s exports climb to a record US$ 52bn in FY22

    Bangladesh’s exports climb to a record US$ 52bn in FY22

    Shipping professionals discuss connectivity between Colombo and Chattogram in Bangladesh  

    Shipping professionals discuss connectivity between Colombo and Chattogram in Bangladesh  

    US bid to rope Sri Lanka into Quad using economic crisis  

    US bid to rope Sri Lanka into Quad using economic crisis  

    Miss India: Sini Shetty was announced winner at the grand finale in Mumbai. (Image courtesy: Instagram)

    Miss India 2022 winner is Sini Shetty from Karnataka

    The economic aspect of foreign relations in South Asia

    The economic aspect of foreign relations in South Asia

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Rain. Image credits - Max Bender @maxwbender / Unsplash

    Why Australia is battling floods again

    The highest paying jobs without a degree in 2022

    The highest paying jobs without a degree in 2022

    Pomegranate Juice

    Fifteen health benefits of pomegranate juice

    Queen Elizabeth

    Five ways the monarchy has benefited from colonialism and slavery

    Why is the UK economy suffering more than other countries?

    Why is the UK economy suffering more than other countries?

    Covid health guidelines. Image credits - Phil Hearing / Unsplash (Representational image)

    Covid: UK hospital cases set to rise, says health chief

    US bid to rope Sri Lanka into Quad using economic crisis  

    US bid to rope Sri Lanka into Quad using economic crisis  

    Covid-19 virus evolving to get better at becoming airborne: Report

    Nine Omicron symptoms affecting the fully vaccinated – and signs you may have it

    Gun

    Copenhagen shooting: Gunman kills three in shopping mall

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Kamal Haasan's Vikram is on a rampage.

    Kamal Haasan’s Vikram is the highest-grossing film in Singapore, UK and UAE

    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    ‘KGF Chapter 2’

    ‘KGF Chapter 2’ becomes 3rd-highest-grossing Hindi film

    Popular Bollywood stars Ranbir Kapoor and Alia Bhatt were married Thursday in a private ceremony at their Mumbai residence. Image credits - Sujit Jaswal via AFP / Getty Images

    Bollywood stars Ranbir Kapoor and Alia Bhatt marry in Mumbai

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Pomegranate Juice

    Fifteen health benefits of pomegranate juice

    This April 2022 handout photograph provided by RR Auction shows cockroaches which were fed moon dust from the 1969 Apollo 11 mission, which were pulled from an auction listing after NASA said the cockroaches and a small vial of moon dust are property of the federal government. (Photo: AP)

    Give us back our moon dust and cockroaches: Nasa

    Moon. Image credits - Ganapathy Kumar / Unsplash

    China finds signs of water in moon’s ‘Ocean of Storms’

    What we should know when we speak of food security?

    What we should know when we speak of food security?

    Beetroot is rich in nitrates and is loaded with health benefits. (Photo: Getty Images)

    Drinking beetroot juice daily could help people with heart condition

    Close-up view of a cancer cell. Credit: Alexey Kotelnikov / Alamy Stock Photo

    Massive breakthrough as cancer vanishes for all patients in drug trial

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    In this 1971 Center For Disease Control handout photo, monkeypox-like lesions are shown on the arm and leg of a female child in Bondua, Liberia. CDC | Getty Images

    The Covid conspiracies being recycled for monkeypox

    Exercise. Image credits - Victor Freitas @victorfreitas / Unsplash

    Best exercise time differs for men and women, says US study

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Bitcoin. Image credits - Onov3056

    Bitcoin slides below $20,000 to lowest level in 18 months

    Digital banking platform Revolut launches in Sri Lanka

    Digital banking platform Revolut launches in Sri Lanka

    Microsoft's Internet Explorer was first included with a Windows 95 upgrade pack. Image credits - Ina Fried/CNET

    End of an era: Microsoft retires Internet Explorer

    Cryptocurrency boom. Image credits - Executium @executium / Unsplash

    Cryptocurrency market value slumps under $1 trillion

    iPhone. Image credits - Tron Le @tronle_sg / Unsplash

    EU deal to force iPhones to use USB-C charger by 2024

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp to get edit button, undo messages and other features soon 

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
NewsIn.Asia
No Result
View All Result
Home Development news

A grim new year for debt-trapped rural women in Sri Lanka

Editor by Editor
April 13, 2021
in Development news, Economy, Human Rights, Recommend, Sri Lanka
Reading Time: 4 mins read
14 0
A A
A grim new year for debt-trapped rural women in Sri Lanka

Women protest against high interest rates charged by microfinance companies.

22
SHARES
Share on WhatsApp

By Meera Srinivasan/The Hindu

Colombo, April 12: M. Champa Irangani is in no mood to celebrate ‘Avurudu’, or New Year, the biggest annual festival that Sri Lanka’s majority Sinhalese community observes mid-April, while Tamils celebrate the Tamil New Year around the same time.

“The New Year will dawn only the day our debts are cancelled. Until then we cannot celebrate. Surely not, when so many women have died by suicide under the pressure of microfinance loans,” she says, seated with dozens of affected women who have been observing a ‘satyagraha’ off the main road in Hingurakgoda town, in Sri Lanka’s Polonnaruwa district, for a month now.

ADVERTISEMENT

Seeking relief

They want their microfinance debt abolished, and an alternative source of credit that will free them from poverty, rather than worsen it. Their experience, shared by tens of thousands who have taken microfinance loans in Sri Lanka, not only counters popular claims in South Asia of microcredit alleviating poverty and empowering women, but also highlights the devastating consequences of the individualised, high-interest microfinance loans, entangling women in a pile of debt.

Ms. Irangani feels especially let down since there has been no relief in over a year after President Gotabaya Rajapaksa, whom she voted for, came to power pledging — among other things — to abolish their loans.

Their ongoing protest is the latest against the Rajapaksa government — after the farmers’ agitations in the southern Hambantota district — from among those who backed their party in the 2019 and 2020 polls.

President Rajapaksa’s astute election campaign in 2019 had two main thrusts – enhancing national security, on the heels of the Easter terror bombings that April, and improving rural livelihoods to develop the country. His poll manifesto ‘Vistas of Prosperity and Splendour’, which has since graduated to a national policy framework, promised to “ensure relief of village women falling victim from unregulated micro finance schemes”, instead offering “government-sponsored concessionary loan schemes and agricultural loans”.

Ms. Irangani had reason to be hopeful. “I went all out and canvassed for their candidate in the general elections [August 2020] too, asking women in my village to back their party so our fate might change, but here we are, hearing of more and more indebted women dying by suicide [nearly 200 women, according estimates]. They simply don’t care.” The government has spoken of possible low interest loans as alternatives, but the women are not convinced yet.

Drawing a circle in the air, she says: “Livelihoods have become a big zero”. If the pandemic severely affected the country’s economy — with external sector earnings dropping sharply, foreign reserves draining, and the Sri Lankan rupee plummeting to 203 against the U.S. dollar — daily-waged agriculture labourers like her, who were already reeling under debt, were in for even harder times, amid growing joblessness, falling wages and uncertainty.

Ms. Irangani’s “debt trap” began when she returned to Sri Lanka some years ago, after working as a domestic help in West Asia for seven years. Exhausting her meagre savings in an unexpected court battle, she resorted to a loan to survive, and soon, one loan led to another, as companies relentlessly sold easy loans at her doorstep. The lending companies had done the same with war-affected Tamil women in the north and east, who were struggling to rebuild their lives and livelihoods with little state support.

Exorbitant interest rates

“Banks refused to give loans without any collateral security. Many families had no steady income or big lands to cultivate. At a time when children in our village were going hungry, these microfinance companies offered money,” says Priyanthika Kumari, who heads the Collective of Women Affected by Micro Finance from a cluster of more than 60 villages in the district. “There are some 1,02,000 women in Polonnaruwa district who have taken such loans.”

The women paid exorbitant interest rates – 40 % to over 200 % — amid harassment from collection agents. They signed up for more loans to cope, to ensure their families can afford two decent meals. But despite regular repayments, their principal loans amounts remained undiminished, and their impoverished lives, unchanged.

When they realised that their exhausting labour was never going to be enough in the face of their mounting debt, they took to the streets, much like their Tamil counterparts who repeatedly agitated during the last five years, demanding a solution to the crisis.

In fact, it was their persistent calls that pressured the former Maithripala Sirisena-Ranil Wickremesinghe government to announce some targeted relief measures through the Central Bank in late 2018. Acknowledging the predatory nature of microfinance loans, the administration announced greater regulation, an interest rate cap on microfinance loans, a moratorium, and cheaper credit alternatives. But the measures proved too little, too late.

“It all sounded like a dream at that time, but eventually turned out to be a mirage,” Ms. Irangani recalls. The then incumbent government did not see through the measures announced in its last leg in power.

That is when President Rajapaksa made the promise, renewing the hopes of affected women. As that hope fades now, the women seated off the main road in Hingurakgoda say that if the government does not meet to their demands by the end of the month, they will launch a “fast unto death”. “We want to raise this issue nationally. We cannot afford to lose this struggle, we will not give up,” Ms. Priyanthika Kumari says.

end

Related Posts

Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974
Around South Asia

Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

July 5, 2022
Vaccine. Image credits - Swarnavo Chakrabarti / Unsplash
Around South Asia

Authorities in Sri Lanka issue a Covid wave warning

July 5, 2022
Sri Lankan parliament
Around South Asia

WATCH: Today’s parliament session live; President Gotabaya Rajapaksa arrived in parliament

July 5, 2022
Shipping professionals discuss connectivity between Colombo and Chattogram in Bangladesh  
Bangladesh

Shipping professionals discuss connectivity between Colombo and Chattogram in Bangladesh  

July 4, 2022
US bid to rope Sri Lanka into Quad using economic crisis  
Diplomacy

US bid to rope Sri Lanka into Quad using economic crisis  

July 4, 2022
The economic aspect of foreign relations in South Asia
Bangladesh

The economic aspect of foreign relations in South Asia

July 4, 2022
  • Electricity

    Power cut schedule for July 6 in Sri Lanka

    44923 shares
    Share 17985 Tweet 11224
  • Foreign Exchange Rates from Central Bank of Sri Lanka; USD, GBP, EUR, SGD, CAD

    1185 shares
    Share 481 Tweet 294
  • WATCH : Yohani’s first live performance in India

    784 shares
    Share 326 Tweet 191
  • Power interruption schedule released: Check your area power cut time

    736 shares
    Share 314 Tweet 176
  • Leader of Bohra community meets President

    668 shares
    Share 271 Tweet 165
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2022 All rights reserved.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States
  • Videos

© 2022 All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

mersin eskort -

Meritroyalbet

-
Jojobet
- Süperbetin - eskisehir escort -

https://www.vudols.com/

- Sağlık Personeli - istanbul avukat