Sri Lanka government announces debt relief in drought-hit areas and rate cap for microloans

Mangala Samaraweera, the Finance and Mass Media Minister of Sri Lanka, announced that nearly 75,000 women who took non-consumption microloans in areas affected by droughts will be eligible for debt relief. In addition, Samaraweera said that measures will be taken to cap interest rates from 40%-220% currently, to a threshold of 30%.

Sources: Mangala Samaraweera Twitter and Ministry of Finance