MYSC To Resuscitate Youth Development Fund
Pauline Dikuelo | Monday April 19, 2021 12:52
Last year, the Ministry announced that it was restricted by COVID-19 to process applications for the Fund.
The Ministry’s public relations manager, Tlhobo Tlhasana confirmed the developments saying they are at the final stages of resuming YDF loans, which was temporarily halted due to the outbreak of COVID19.
“We will open applications towards end of May and we will announce once everything is complete,” he said.
Last year MYSC launched the YDF Loan Repayment Campaign aimed at encouraging all beneficiaries to service their loans as stipulated in the contract they signed with the government through the ministry. The campaign was themed “Akola ke Akole” which translates literally to “you benefit, I benefit”, to urge defaulters to pay back the loans so that others can also benefit.
The political head at MYSC, Tumiso Rakgare, encouraged the beneficiaries to service their loans, stating that not doing so will force the Ministry to take legal steps against those who are failing to pay back the money. He said failure to back loans by those who have already benefited disadvantages those on the waiting list.
Rakgare said since its inception in 2009, with an annual budget of P120 million, the YDF program has been assisting at least 1, 140 projects annually. He added that they have in the 11 years only managed to collect just under P21 million and they are chasing a hefty P407 million debt from funded youth projects. Rakgare said the amount owed was enough to fund 4, 072 projects over a period of three and-half years. MYSC has over the years been trying to improve their processes in order to improve maximum loan collections and ensure that young people get the best out of the Fund. The YDF is usually open to youth who are in the age bracket of 18 to 35 years.