Lenders’ ‘Case-by-Case’ Debt Relief Too Slow, Civil Society Groups Say

Weeks after the National Bank suggested financial institutions cut struggling borrowers a break, microlenders say they are relieving customers affected by the Covid-19 economic downturn on a case-by-case basis.

But 135 civil society groups on Monday said the measures by some microfinance institutions (MFIs) wouldn’t offer debt relief quickly enough.

Unions, human rights organizations, local communities and other groups called on the government and National Bank to order MFIs to suspend all loan repayments and interest accrual for at least three months, and return land titles held as collateral to borrowers to avoid threats to land tenure and “further risky loans” that could lead to human rights abuses.

In full: https://vodenglish.news/lenders-case-by-case-debt-relief-too-slow-civil-society-groups-say/

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