Student Loan Agency to manage Housing Revolving Fund
DPI/GINA, Monday, June 12, 2017
The Ministry of Finance Student Loans Agency is to be engaged to manage the Housing Revolving Fund according to Finance Secretary Ministry of Finance, Dr. Hector Butts.
Dr. Butts, explained to the Public Accounts Committee (PAC) today, at Parliament Chambers,, that no disbursement from the Fund has been made because there is no suitable agency to manage it.
Established in 2011, the Fund is an agreement between the government and the Guyana Teachers Union (GTU). Currently there is $200M in the Fund’s Bank of Guyana account which is earmarked to be loaned to teachers so that they can access low cost housing loans or procure their own house.
Dr. Butts noted that the Student Loans Agency is currently in the process of addressing “some problems right now with its systems”, particularly its records and that process is expected to be completed in June.
“After that we will be looking at the student loan agency, once it handles itself, to perhaps take that on (Housing Revolving Fund) because they are involved in the issue of lending and receiving,” Dr Butts said.
The Housing Revolving Fund was an issue raised in the Auditor General’s 2015 Audit Report. Permanent Secretary of the Ministry of Education Vibert Welch also appeared before the PAC today to answer questions in relation to a number of observations made in that Report.
By: Tiffny Rhodius