News
MONLAR castigates govt. for not saving the poor from microfinance loan sharks
By Rathindra Kuruwita
The government is doing nothing to help the poor caught in a micro-credit trap, moderator of the Movement for Land and Agricultural Reform (MONLAR), Chinthaka Rajapakshe says.
Rajapakshe said that only the Parliamentary Committee on Gender Equality and some MPs, from both the government and Opposition, had shown some interest in the matter.
“We commend their interest. By the end of 2018, over 2.2 million Sri Lankans had taken microfinance loans amounting to Rs. 84.2 billion. We obtained this information from Microfinance Practitioners Association. This is a huge figure. Over 10% of Sri Lankans have taken these loans, almost always at very high interest rates. When one person in the family draws a loan, the entire family gets affected. So, we don’t know how many people are actually affected.”
Rajapakshe said MONLAR and a number of other organisations had been raising the issue for nearly half a decade, but successive governments had done little to address the issue.
“When they do, they come up with plans that benefit the lenders,” Rajapakshe said.
“Those affected by microcredit loans commenced a satyagraha at Hingurakgoda and it has dragged on for over a month. The government has taken no interest in it.”
In 2018, United Nations Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights, Juan Pablo Bohoslavsky, visited the country and found that an overwhelming number of individuals who had obtained micro credit loans were women.
Rajapakshe said: “Bohoslavsky reported that women were pressured by collectors to exchange ‘sexual favours’ for instalments and that there are cases of borrowers who tried to sell their kidneys to repay the loans. Some leave their villages, suffer domestic violence as a punishment for the breach of contract or have to work much harder and longer to earn sufficient money to repay the debts. Some of them have committed suicide.”
Bohoslavsky’s report also says that while the universe of borrowers is broad, women in poor and war-affected areas are specially targeted by micro-finance financial institutions, which charge their loans with up to 220 per cent interest and apply compound interest.
The Indian Naval Ship (INS) Sahyadri which arrived at the Port of Colombo on a formal visit on 04 Apr 25, departed the island today (07 Apr). The Sri Lanka Navy bade customary farewell to the departing ship at the Port of Colombo, following naval traditions.
During the ship’s stay in Colombo, crew members of INS Sahyadri took part in several programmes organized by the Sri Lanka Navy, aimed at enhancing mutual cooperation. In addition, they also explored some tourist attractions in the country. Further, personnel of Sri Lanka Navy had the opportunity to visit INS Sahyadri, gaining insights into her operational capabilities.
Latest News
Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
The Natural Hazards Early Warning Centre has issued an Advisory for Severe Lightning for the Sabaragamuwa, Central and Uva provinces and in Hambanthota district.
The advisory issued at 02.00 p.m. today [07 April 2025] is valid for the period until 11.00 p.m. 07 April 2025
The public are warned that thundershowers accompanied by severe lightning are likely to occur at several places in for Sabaragamuwa, Central and Uva provinces and in Hambantota district. There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
• Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
• Avoid using wired telephones and connected electric appliances during thunderstorms.
• Avoid using open vehicles, such as bicycles, tractors and boats etc.
• Beware of fallen trees and power lines.
• For emergency assistance contact the local disaster management authorities.
The report of the “Census of Population and Housing 2024,” conducted by the Department of Census and Statistics, was officially handed over to President Anura Kumara Disanayake this morning (07) at the Presidential Secretariat.
This preliminary report has been prepared based on island wide data collected between October and December 2024.
The report provides details on Sri Lanka’s population, its growth and the distribution of the population across districts.
The information gathered through the census is vital not only for the government but also for other institutions in formulating policies and development plans essential for the country’s progress. Significantly, for the first time in the history of census-collecting in Sri Lanka, data collection was carried out using tablet computers and user-friendly mobile devices.
The event was attended by Deputy Minister of Finance & Planning, Harshana Suriyapperuma, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Finance Mahinda Siriwardana, Director General of the Department of Census and Statistics D.D.G.A. Senevirathne and several other officials.
INS Sahyadri sets sail from Colombo
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