President Cyril Ramaphosa has defended SA’s controversial debt-relief law saying there is nothing unconstitutional about it.
According to the government-commissioned study by consulting firm Genesis Analytics, parliament should reconsider the passage of the bill in its current form based on the impact evidence that has come to light. It suggests that parliament should introduce the debt-intervention system but within the bounds of the current debt-review system, with subsidy mechanisms for low-income consumers.
According to the Genesis Analytics study, it is unlikely that the introduction of law will have a significant economic impact at a macro-economy level. The impact will be relatively greater on micro-lenders and retailers whose loan books are smaller than those of banks, but more skewed towards low-income borrowers. Micro-lenders and retailers are likely to see proportionally bigger write-downs than banks, but this is not likely to affect the stability of the banking system.
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