Non-repayment of TELS debt will not affect government revenue - Prof.Prasad

Non-repayment of TELS debt will not affect government revenue - Prof.Prasad

By Abigail Sorovi
Wednesday 07/06/2023
Acting Prime Minister and Minister for Finance, Professor Biman Prasad

Acting Prime Minister and Minister for Finance, Professor Biman Prasad says the repayment of TELS debt will not have any significant effect on government revenue as they are collecting about $6 million a year.

Professor Prasad states that the repayment rate is almost insignificant given the level of debt is over $600 million.

He says on average they are collecting $4-6 million a year and if they are talking about impact, it will be a very small impact of between $5-6 million that is not being repaid anyway.

Students owe $610 million in TELS debt where repayment is currently on hold as the government is finalising the legal amendments required to forgive it.

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