Minister Kuma Inform Parliamnet on yousave
THE Democratic Coalition for Change Government (DCGA) is committed to making the lives of the ordinary Solomon Islanders better during this Covid-19 situation.
The Minister of Finance and Treasury Harry Kuma made the statement in Parliament in his contribution to debate on the supplementary budget.
He said the government recognises that during this tough time livelihood had challenge by impact of Covid-19 and especially for the rural livelihood and the informal sector who toil every day to make ends meet.
The government acknowledges that the youSave micro pension saving scheme has been assisting the formal sector to save for their essential means and creating economic opportunities for rural citizens and informal workers.
Minister Kuma explain on the floor of Parliament that the tax- exemption approved means that for any amount of deposits that youSave members make to their account using airtime credit a 10% of the amount deposited will be refund directly to the members account this is a huge commitment by the government policy to encourage informal sector especially those youSave members residing in the provincial and rural areas will make their savings to their accounts using mobile top ups.
He said youSave LoMobile service has enable members to deposit using their phones for top up instead of having to physically visiting nearest SINPF Office which is costly considering the distance and geographical disperse of our Islands.
“ I believed if more people have access to formal financial services and frequently use this financial services combine with financial institutions then overtime we should see the cost of borrowing coming down” Minister said,