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Cotton farmers default on repayment of loans
31
Mar '09
Cotton farmers in Tajikistan who had availed of loans from banks, which had been originally funded by the government, have defaulted on repayment of these loans and the banks in turn have expressed their inability to return these amounts to the government.

The government has been repaid only 33 percent of the funds it had made available to the banks to be given to cotton farmers and the repayment term ends on April 1, 2009. The banks on their part have requested the government to grant them extensions to repay the loans.

The cotton farmers say that the reduced market demand and falling prices have resulted in defaulting on repaying these loans. Around 56,000 farmers have availed of these loans and in all have borrowed around US $142 million from three different banks.

Fibre2fashion News Desk - India

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