Kandal drowning in debt:
- juansweetpotato
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Kandal drowning in debt:
In case anyone needed more proof. From today's PPP
Over 2 million MFI loans in in a country of around 7.6 million voters.
88% of rural inhabitants have taken loans out.
3.1 billion dollars owed to MFIs by Cambodians.
Kandal drowning in debt: MFI loan burden may cost CPP in commune elections
http://m.phnompenhpost.com/national/kan ... -elections
Over 2 million MFI loans in in a country of around 7.6 million voters.
88% of rural inhabitants have taken loans out.
3.1 billion dollars owed to MFIs by Cambodians.
Kandal drowning in debt: MFI loan burden may cost CPP in commune elections
http://m.phnompenhpost.com/national/kan ... -elections
Full report.By the end of last year, Cambodians collectively owed $3.1 billion to microfinance institutions (MFIs), according to a World Bank report, a figure that would not have escaped the notice of the ruling Cambodian People’s Party.
The CPP has, in the months leading up to this Sunday’s nationwide commune council elections, run an extensive campaign to distance itself from the debts that have left many in dire straits.
From forcing MFIs to change their logos to look less governmental to capping annual interest rates at 18 percent, and in March even replacing outgoing dial-tones with a message that MFIs are private bodies, it has done all it can to dissociate itself from the toxic problem.
The same World Bank report pointed out that 88 percent of Cambodia’s debts were held by households in the more impoverished rural areas of the country – places like Kandal province’s Sa’ang district, which has one of the highest instances of debt in the country...
Spoiler:
"Can you spare some cutter for an old man?"
- StroppyChops
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Re: Kandal drowning in debt:
That's a very telling report. And when under that sort of financial pressure, selling an extra daughter (sorry, "sending her to work in garment factory") doesn't seem such a bad escape route, right?
Bodge: This ain't Kansas, and the neighbours ate Toto!
Re: Kandal drowning in debt:
Nearly always an angleStroppyChops wrote: ↑Fri Jun 02, 2017 10:11 pm That's a very telling report. And when under that sort of financial pressure, selling an extra daughter (sorry, "sending her to work in garment factory") doesn't seem such a bad escape route, right?
- Bitte_Kein_Lexus
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Re: Kandal drowning in debt:
I find that hard to believe. 3.1 billion riel surely?
Either way it's interesting. MFI were heralded as the end to banks about a decade ago. They'd end poverty and so on. People I'm Western countries would make donations and would get paid back by the African villager in the future. Seems like it's not all rosy.
Either way it's interesting. MFI were heralded as the end to banks about a decade ago. They'd end poverty and so on. People I'm Western countries would make donations and would get paid back by the African villager in the future. Seems like it's not all rosy.
Ex Bitteeinbit/LexusSchmexus
Re: Kandal drowning in debt:
Yeah, it looks like they have entered into a multi-generational master-slave relationship with a bank.StroppyChops wrote: ↑Fri Jun 02, 2017 10:11 pm... And when under that sort of financial pressure, selling an extra daughter ...
- John Bingham
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Re: Kandal drowning in debt:
Sa'ang district has always been troublesome. It was on the front-line for much of the civil war. It seems to feature in the local news a lot when it comes to crimes/gruesome stuff. However, It's just one district in Kandal (central) province. It's very disingenuous to claim that the whole province is drowning in debt when it is in reality one of the most prosperous parts of the kingdom. Selective reading and pessimism gone overboard.The same World Bank report pointed out that 88 percent of Cambodia’s debts were held by households in the more impoverished rural areas of the country – places like Kandal province’s Sa’ang district, which has one of the highest instances of debt in the country.
Silence, exile, and cunning.
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Re: Kandal drowning in debt:
Sa ang was a favorite spot for KR excesses. I think because it was close to Phnom Penh, on the Bassac River but had poor access roads. It was hidden away and was the site of imprisonment and killings. The big sand island Koh Ksaich Tonlea was called widows island because they exiled the wives of dead victims there. Sin Sisamoth was banged up in a prison wat in Sa ang and buried in a mass grave not far from the highway. The Vietnamese church he was initially held in is still there.
The old locals refuse to talk about that time, the survivors were probably involved. It was also heavily bombed by B52s along with Ken Svay. Have a look at the bombing map.
The old locals refuse to talk about that time, the survivors were probably involved. It was also heavily bombed by B52s along with Ken Svay. Have a look at the bombing map.
- juansweetpotato
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Re: Kandal drowning in debt:
The title maybe seem slightly hyperbolic to some, but the figures are damning.John Bingham wrote: ↑Sun Jun 04, 2017 1:30 amSa'ang district has always been troublesome. It was on the front-line for much of the civil war. It seems to feature in the local news a lot when it comes to crimes/gruesome stuff. However, It's just one district in Kandal (central) province. It's very disingenuous to claim that the whole province is drowning in debt when it is in reality one of the most prosperous parts of the kingdom. Selective reading and pessimism gone overboard.The same World Bank report pointed out that 88 percent of Cambodia’s debts were held by households in the more impoverished rural areas of the country – places like Kandal province’s Sa’ang district, which has one of the highest instances of debt in the country.
They could have done a more extensive article polling more villages, but they were making an important point. Even if was only excluded to that one village, the situation is completely unacceptable, don't you think?
The report does mention another village nearby to back the report up further though.
About 30 minutes from Peam Prachum village, in Khpob commune – which the CPP won at the 2012 commune elections with 3,064 votes to the opposition’s combined 2,675, giving it a slim majority of five seats to four on the commune council, some predicted rampant indebtedness could swing the election on Sunday.
Leading reporters away from the busy main strip to the privacy of her house, Soy Sarun, 57, said that taking out an MFI loan a few years ago had turned her and her husband’s lives upside down, and that they remained upset they received little support amid their struggle.
“I had to borrow $2,000 to treat my sickness for high blood pressure . . . and I now have to pay $140 per month for the interest rate, so my husband picks mangoes for others,” Sarun said, adding he earned about $8 a day and could sometimes only afford to eat rice for dinner.
She said she voted for the CPP in the 2012 commune elections but was disappointed in the commune chief’s attitude when she sought help. “They do not care about us . . . [and say] everyone’s business is their own, and we need to solve our own issues.”
“Some people say they vote for the party to keep the peace – these are the ones who have not borrowed money,” Sarun said, demurring when asked if she was considering switching her vote to the CNRP on Sunday. “I would be happy with change but I cannot say yet".
"Can you spare some cutter for an old man?"
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Re: Kandal drowning in debt:
I was told yesterday by a European investor living in thailand and investing in four Cambodian MFIs, that Visionfund is owned in the main by American Catholics.
He got to know this by making several failed attempts to invest with them. Four in fact.
It was only after one of his freinds gave him the nod that it may be wise to include any connection with the Catholic church, that his investment was accepted.
He mentioned in the successful application that he had gone to a Catholic school.
He found it all quite surprising.
He got to know this by making several failed attempts to invest with them. Four in fact.
It was only after one of his freinds gave him the nod that it may be wise to include any connection with the Catholic church, that his investment was accepted.
He mentioned in the successful application that he had gone to a Catholic school.
He found it all quite surprising.
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Re: Kandal drowning in debt:
Another article on the effect that debt may have (had) on voters:
Low crop values and rising debt led a former CPP stronghold to go CNRP
Wed, 7 June 2017
On Sunday, opposition commune chief candidate Tuon Aun won the rural Siem Reap commune of Kok Doung, a former bastion of support for the ruling Cambodian People’s Party, by more than 1,000 votes.
Then the next day, his son, along with other villagers from this cassava farming region in Angkor Chum district, left for Thailand to earn money for their heavily indebted families.
“I told him not to harvest the cassava because the price was so cheap, and to go to Thailand to work and make some money instead,” Aun, 70, said in an interview at his home on Monday. “If you grow cassava, you have to be in debt.”
Kok Doung commune, like many rural areas, was once firmly in the grip of the ruling party, which took 3,057 votes to the opposition’s 823 at the 2012 commune elections.
But as villagers watched the value of their crops drop, their debts with microfinance institutions rise and their relatives leave to find work in Thailand, their tolerance for the status quo ran out.
“We want a change so we can have development in the future,” said Puch Torch, 25, who supported the CNRP candidate on Sunday. “I want this village to be improved.”
It’s a trend that appears to have surfaced elsewhere. Though the final results from Sunday’s commune election are yet to be released, the National Election Committee’s preliminary figures show the CNRP has made inroads into rural areas once considered the CPP’s heartland...
http://www.phnompenhpost.com/national/l ... ld-go-cnrp
Low crop values and rising debt led a former CPP stronghold to go CNRP
Wed, 7 June 2017
On Sunday, opposition commune chief candidate Tuon Aun won the rural Siem Reap commune of Kok Doung, a former bastion of support for the ruling Cambodian People’s Party, by more than 1,000 votes.
Then the next day, his son, along with other villagers from this cassava farming region in Angkor Chum district, left for Thailand to earn money for their heavily indebted families.
“I told him not to harvest the cassava because the price was so cheap, and to go to Thailand to work and make some money instead,” Aun, 70, said in an interview at his home on Monday. “If you grow cassava, you have to be in debt.”
Kok Doung commune, like many rural areas, was once firmly in the grip of the ruling party, which took 3,057 votes to the opposition’s 823 at the 2012 commune elections.
But as villagers watched the value of their crops drop, their debts with microfinance institutions rise and their relatives leave to find work in Thailand, their tolerance for the status quo ran out.
“We want a change so we can have development in the future,” said Puch Torch, 25, who supported the CNRP candidate on Sunday. “I want this village to be improved.”
It’s a trend that appears to have surfaced elsewhere. Though the final results from Sunday’s commune election are yet to be released, the National Election Committee’s preliminary figures show the CNRP has made inroads into rural areas once considered the CPP’s heartland...
http://www.phnompenhpost.com/national/l ... ld-go-cnrp
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