The microfinance concept of Nobel laureate Mohammed Yunus has vastly deviated now from its original aims, as 2.8 million Sri Lankans are caught in the microcredit trap.
The Sri Lankan National Conference Against the Microcredit Disaster seems to address the problem directly. The recommendations imagine a robust alternative model via fair trade that includes uplifting rural economy, safeguarding small manufacturers, establishing women’s cooperatives, community entrepreneurship and ensuring global public services as fundamental rights. How would that solve the micro-credit crisis?