Cabinet approves Bill to repeal Education Loan Act

By Blessings Chibuye

Cabinet has approved in principle, the introduction of a Bill in Parliament to repeal the Higher Education Loans and Scholarship Act No.31 of 2016.

This is in order to strengthen the governance and administration of student loans and scholarships.

Chief Government Spokesperson CORNELIUS MWEETWA says the Higher Education Loans and Scholarships Board in its current state present urgent issues that need to be addressed.

Mr. MWEETWA says in particular, the current Act does not differentiate the functions of the Board of Directors from those of management.

He says the Act has also limitations in enforcing compliance for defaulting employers and addressing the financial burden of scholarships.

Meanwhile, Government has assured the general public that the isolated measure taken by the Bank of Zambia on Investrust Bank Plc was aimed at safeguarding the country’s financial system stability and preserve public confidence in the financial system.

This follows its possession by the Bank of Zambia on April 2nd, 2024 due to its insolvency.

Subsequent to the completion of the Statement of Affairs, the Bank of Zambia Board approved a resolution plan which involved a Purchase and Assumption transaction and liquidation of residual assets.

And Cabinet has approved the establishment of formal diplomatic relations between Zambia and the Principality of Liechtenstein.

Mr. MWEETWA says Liechtenstein has a prosperous and highly industrialized economy, with its financial services sector playing a significant role in the nation’s economic framework.

He has disclosed that the decisions were made during the 22nd Cabinet Meeting held on Monday, November 11, 2024.

Mr. MWEETWA further announced that Cabinet approved, in principle, the introduction of a Bill in Parliament to amend the Anti-Terrorism and Non-Proliferation Act, aimed at strengthening provisions related to the definition of terrorism and terrorism financing.

Mr. MWEETWA added that Cabinet also approved amendments to the National Road Fund Act.

And Cabinet approved Zambia’s hosting of the 30th Session of the Intergovernmental Committee of Senior Officials and Experts as well as the Third Forum for Least Developed Countries, reflecting the country’s active engagement in regional and global initiatives.