Gigaba backs proposed bill providing debt relief
Trade and industry committee chairwoman welcomes Treasury support after public hearings
Finance Minister Malusi Gigaba has given a commitment that the Treasury supports targeted debt relief for the most vulnerable, especially in cases where their onerous debt burden is the result of reckless lending. This was one of the items in the 14-point plan the minister released last week, which he said would lay the foundations for economic recovery. Gigaba said he would work with the Department of Trade and Industry in the development of such a debt relief package. The Treasury’s support for the idea so far has been cautious, in particular with regard to extinguishing debt, which it says should only apply to unsecured loans granted to borrowers with little or no income. Trade and industry portfolio committee chairwoman Joanmariae Fubbs said she was pleased the minister had come out for the first time with such a clear statement of support. "In the past the Treasury only had one foot in," she said. The committee has held public hearings on a law it is drafting for the provision ...
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