Jan 26, 2019

Micro Financing kills 60 in Jaffna! Featured

Around 60 persons in Jaffna had committed suicide last year alone (18) due to their inability to pay back loans obtained from Micro Finance Companies, said JVP-MP Bimal Ratnayake.

He said this during the second reading of the Relief Amendment Bill in parliament on January 23rd.

He revealed that the majority of those who had committed suicide were females, adding that those most exploited by these micro finance companies were females.

The MO further noted that over a million of the population were indebted and it is a large figure when considering it on rural, urban and estate sectors.

He also said that the interest rates of these finance companies were very high.

The JVP-MP requested the government to halt the issuing of licenses for such micro finance companies and also called for a review of the micro finance companies that have already been issued licenses.

Therefore, he proposed that offices should be opened at all Pradeshiya Sabhas to entertain complaints regarding these micro finance companies.