Flood-affected poor ‘drowning in debt’
The curse of Cambodia’s 2011 floods continues for those most affected, as they fall deeper into debt from unsustainable cyclical debt practices, a consortium of international NGOs said yesterday. The consortium of Care, Oxfam, Pact and Catholic Relief Services released the results of their January survey yesterday which show that flood-affected poor are now “drowning in debt”, coalition representatives said. Bill Penington of Care said the cycle of debt is exacerbated when people take out multiple loans and use informal loans to pay back formal loans. …
