Flood-hit Myanmar farmers fear loan losses
As floodwaters recede from parts of Myanmar’s Magwe Region, farmers are facing new problems – paying back loans they took out before the growing season. Such loans from the state-run Myanmar Agricultural Development Bank are usually repaid from the proceeds of the crop. But in many cases in the flood-hit regions, the crops have been destroyed, leaving farmers deep in debt.
Over the past few weeks, heavy monsoon rains have caused flooding in 12 of Myanmar’s 14 states and regions. More than 1.5 million acres of paddy have been damaged, including 200,000 acres that are beyond recovery, according to 6 August statistics from the Myanmar Rice Federation.
