Proof of contributions to the National Insurance Scheme (NIS) will no longer be mandatory for University of Guyana (UG) graduates seeking to benefit from the first phase of the government’s student debt write-off initiative. Speaking at his weekly press conference, Vice President, Dr. Bharrat Jagdeo outlined the government’s decision to simplify the process for graduates.
On Monday, the Ministry of Finance, announced a write-off of GY$11 billion (approximately US$53 million) in loans taken by students to attend the University of Guyana. Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh, had outlined the conditions for the loan write-off. He had stated, “In the first instance, we are moving now to write off all loans owed by Guyanese who are able to demonstrate that they completed their course of study and graduated and subsequent to graduation, were employed or self-employed in Guyana for a minimum of three years, as evidenced by a minimum of 156 contributions made to the National Insurance Scheme [NIS].”
Noting the shift in policy today Jagdeo said, “It may convey the impression that if they don’t have that evidence, then they would not be eligible.”
“But if you are still in Guyana (and) you might have even been unemployed, you would still be eligible for the write off. So, you don’t have to provide that evidence of 156 contributions made to the NIS,” Jagdeo explained.
The Vice President emphasized the government’s intention to streamline the process and ensure that as many people as possible benefit from this initiative. “We want to make this easy for our people who have outstanding loans. We don’t want to put in conditions that will create or minimize the impact of this initiative, which we believe can help a lot of people,” he stated.
This move is anticipated to encourage more graduates to stay in Guyana, thereby contributing to the local economy rather than seeking opportunities abroad.
