News
Drought-hit Polonnaruwa farmers pawn their tractors
By Polonaruwa correspondent K. G. Karunathne
View(s): Farmers in drought-stricken Polonnaruwa are in a desperate plight. Not only have they lost their crops because of the long dry spell, they stand to lose the farming equipment and other possessions they pawned in order to raise the money to go ahead with this year’s cultivation. These farmers have no money to redeem their possessions.
The Sunday Times learns that the majority of these farmers take loans from businessmen or volunteer organisations to fund their farming activities. Only a handful of farmers meet the requirements for obtaining a bank loan.
When farmers take loans from individuals and non-banking institutions, they usually offer farming equipment and vehicles such as tractors as surety.
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