ANCYL applauded Minister of Trade, Industry and Competition, Parks Tau, for withdrawing the draft regulations that would have allowed student debt to be recorded with credit bureaus. Image credit: Pixels
(The Post News) – The African National Congress Youth League (ANCYL) on Friday applauded Minister of Trade, Industry and Competition, Parks Tau, for withdrawing the draft regulations that would have allowed student debt to be recorded with credit bureaus.
On Thursday Minister Tau said that the draft regulation which lists educational institutions as originators of credit information in National Credit act amendment regulations published in August has been withdrawn. The league noted that this decision offers relief to many young people who are already struggling with unemployment, financial exclusion, and the wider difficulties of economic hardship.
ANCYL National Spokesperson, Zama Khanyase, “We believe that they are going back to the drawing board. So, there is a proper submission to be given to the communities of South Africa to be able to engage on it and make the inputs. Of course, this happens after, as the ANC Youth League was one of those who were on the forefront of calling for the withdrawal of this particular point, where they suggested that students who have debts or who are owing universities would also be up for being blacklisted with the credit bureaus in South Africa.
“We are against this because we believe that it would dampen the future of the students and make their situations worse. It is the government of South Africa that must actually intervene and assist them,” said Khanyase.
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