The Aftershock of Cyclone Nargis
Credit Crunch in the Delta
Published: May 12, 2009
When Cyclone Nargis hit the Ayeyarwady Delta of Myanmar on May 2 - 3, 2008, it resulted in multiple aftershocks for the vast majority of families in the region who rely on fishing and farming to generate an income. Oxfam's assessments and work with communities in Myanmar have found that Cyclone Nargis led to a sudden reduction in the availability of affordable credit, causing what can best be described as a 'credit crunch' in the Delta. Without continued assistance, hundreds of thousands of cyclone survivors are facing a debt trap with little prospect of escape. Rebuilding their lives and livelihoods requires a comprehensive response to this debt burden, and another $US189 million over the next three years from international donors. Only then will people in Myanmar be able to completely recover from the impacts of this devastating cyclone.