MYSC moves to recover YDF loans
Innocent Selatlhwa | Friday December 4, 2020 17:48
This is despite the fact that while young people have been awaiting calls for applications for the 2020/ 21 Financial year to be announced, the Ministry launched a campaign to collect outstanding payments.
The Ministry early last month launched the Youth Development Fund (YDF) Loan Repayment Campaign in Jwaneng.
The aim of the campaign was to encourage all YDF beneficiaries to pay back the loan as obliged by the contract they signed with the Government through the Ministry.
The campaign was themed “Akola ko Akole” which translates literally to “you benefit, I benefit”, to urge defaulters to pay back the loans so that others can also benefit.
Minister Tumiso Rakgare encouraged the beneficiaries to pay back the loans, stating that not doing so will force the Ministry into taking legal steps against those who are failing to pay back as it also disadvantages those on the waiting list. The Minister revealed that since its inception in 2009, with an annual budget of P120 million, the fund has been assisting at least 1, 140 projects annually. He also said they have in the 11 years collected just under P21 million and are chasing a hefty P407 million debt from funded youth projects. Rakgare said the amount owed is enough to fund 4, 072 projects over a period of three and-half years.
Permanent Secretary in the Ministry, Kago Ramokate said youth funding has not stopped, but rather circumstances led to it being delayed.
“We still have our annual budget intact for the current financial year.
It is not because of the unpaid monies that we have not opened for applications yet, we were restricted by COVID -19 and when the time comes we will open for applications,” he said.
Ramokate also said they have been over the years been trying to improve their processes in order to improve loan collections.
He said they would continue disbursing funds annually as they also improve their processes for maximum collection and ensuring that young people get the best out of the fund.