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Confessions of a Microfinance Heretic by Hugh Sinclair

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4 Another Mozambican Civil War

I had suggested to Petr that he hold little back in his presentation, as long as he could support what he said. He thus delivered a devastatingly critical report, with full supporting evidence. It largely revolved around a lack of leadership, poor decision-making, inappropriate capturing and use of savings, unsophisticated window dressing of the accounts, and incompetence at head office. It complemented my previous meetings with management, which had spelled out some simple truths:

1. Using client savings to cover operating expenses was not only illegal, but pointless, since it merely postponed the inevitable meltdown.

2. The branches were actually covering their operating costs. The drain emerged from one source—the ...

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