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Microfinance is a social campaign: Economist Dhamala

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According to economist Bheshprasad Dhamala, the problem started when Mohammad Yunus tried to transform the microfinance program established for the upliftment of poor farmers in rural areas into a profitable program.

Microfinance is a social campaign: Economist Dhamala

Speaking at the fourth session of Nirbhik Nari program organized in Biratnagar on Wednesday by Nari Masik, a co-publisher of Kantipur Publications, he said that firstly, microfinance is a non-profit organization in the NGO model. 'Now it is operating as a financial institution, so it has become profitable. It is operated by focusing on the poor,' he said, '80 percent of women participate in microfinance in the world.' He said that because of

microfinance, capital reached the hands of poor women in rural areas. "It is helping not only women but also the society to get out of poverty," he said.

According to him, in the NGO model, all the rules of microfinance are followed, but now that the National Bank has started to regulate it, it has started to become difficult as commercial banks have started to join because of the profit in it . According to him, the problem has become big as microfinance has been linked with meter baggies or cooperatives since it became a for-profit organization.

'Until five to seven years ago, our financial management was good in South Asia . But now it has become a mess . Leave aside the issue of microfinance, there are also people who take loans from more than 20 commercial banks. Because of that, the financial risk is increasing,' he said. According to

economist Dhamala, loan loss is not possible in any way . "Regarding the problems of microfinance, the Rashtra Bank as well as the institution itself should be solved and improved." Other countries of the world have also gone through this kind of problem. We have to move forward by adopting the solutions for this,' he said, 'We cannot even think about the debt waiver.'

प्रकाशित : फाल्गुन २३, २०८० १९:१४
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