Mohammad Arif Hossain, a 23-year-old businessman, committed suicide in Mirsrai, Chittagong, after struggling to repay a loan on September 4.
He hanged himself at his residence in Purba Saherkhali village, Saherkhali Union No 16, that evening, leaving an “apology” post on his Facebook profile.
This incident follows the story of Hiramoni from Akkelpur, Joypurhat. Her husband Masood Rana, is a mechanical rickshaw-van driver, and their family, including Hiramoni and their only daughter Rani, owns no land.
Masood had taken out a loan from a non-governmental organization (NGO) to build a house, resulting in the construction of a mud house. Despite their modest family size, Masood faced constant financial anxiety.
To fulfil their small dreams, he and her wife had accrued multiple loans from 8-10 NGOs, but their circumstances did not improve. As their debt exceeded Tk3,00,000, the pressure on them intensified, ultimately driving Hiramoni to take her own life.
The actual number of people who commit suicide every year in the country due to inability to pay off their debts is unknown. However, the number of such news in newspapers has increased in recent times.
Economists say suicide rates among people of different age groups have increased in the country after the Covid-19 pandemic. Despite the severity of the issue, little has been done to address this concerning trend.
World Suicide Prevention Day was observed across the globe on Sunday. This year, the theme of the day is “Creating hope through employment".
According to economists, ensuring safe investment, making sure that NGOs cannot influence microloans and guaranteeing jobs will reduce depression and suicides.
The trend is prevalent outside Bangladesh as well. In neighbouring India, farmers and labourers have also become victims of suicide at various times.
In 2022, there was a response to a brutal incident of Midnapore in India. Right to Information (RTI) activist Biswanath Goswami sought information about the deaths of farmers in West Midnapore.
According to the information provided by the police administration, 122 farmers and professionals related to farming committed suicide in the district in 2021. That is, not only farmers but also those whose livelihood was connected with agriculture fell on this list.
Addressing this issue requires the state to consider several critical factors.
Prof Saima Haque Bidisha of Dhaka University's Department of Economics emphasizes that individuals are burdened with high-interest microloans while pursuing business ventures. However, the safety of these investments remains uncertain in many cases, making loan repayment difficult.
"High interest rates are already a challenge," Prof Saima notes. "Furthermore, microcredit institutions often exert undue influence when providing loans. Consequently, individuals accumulate debt in pursuit of economic independence, including health protection. In times of economic shock, which may be beyond their control or knowledge, individuals find themselves in peril due to the absence of an insurance system."
Prof Saima suggested that by enhancing security in these areas, the young business community can be spared from frustration and the burden of debt-induced suicides.
Psychiatrist Dr Helal Uddin Ahmed highlights the need for effective support systems. He emphasized that individuals facing such grave risks must have access to guidance and mental support, which is currently lacking.
Social stigma adds to their pressure, and, overwhelmed by these dual burdens, they may view suicide as an unfortunate way out. Ensuring both mental and social security is imperative to address this distressing trend, he added.