After decades of grinding poverty under successive military dictatorships, Myanmar’s rice farmers have a chance at a better future through rural reforms ushered in by the country’s quasi-civilian government. Microfinance is at the root of it.
The guarantees of small, low-interest loans to this least developed country’s debt-ridden farmers turn a page in the ledger of rural credit, which had virtually dried up within the small agriculture banking system during the 50 years of military rule, forcing farmers to borrow from money lenders at usurious interest rates.
Small loans ranging from 60 to 600 dollars are being offered to the agriculture sector by organisations like the Livelihood and Food Security Trust Fund (LIFT), a Western donor-backed microfinance initiative facilitated by the introduction last November of a microfinance law in Myanmar (also known as Burma).
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Posted September 12, 2012 at 7:00 am
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