It has tasked Finance Minister Pravin Gordhan and Trade and Industry Minister Rob Davies to implement preventive measures to minimise the risk of over-indebtedness through future loans.
Briefing the media on the outcome of the Cabinet meeting‚ Basic Education Minister Angie Motshekga said that Gordhan would take steps to encourage employers to assist their over-indebted employees by investigating employees' emolument attachment orders for validity and providing employees with financial wellness mechanisms.
Cabinet also approved the introduction of the Development Bank of Southern Africa Amendment Bill in Parliament. The bill will enable the bank to extend its operations throughout the African continent and its oceanic islands.
"This will enable the bank to take part in large scale infrastructure and other strategic projects outside the Southern African Development Community region, which have the potential to enhance trade and economic growth on the continent and support SA's bi-national commissions and commitments to regional integration‚" the cabinet statement said.
Cabinet also approved the draft financial sector regulation bill to be released for public comment. The bill will give effect to SA's Group of 20 (G-20) commitments and aims to make the financial sector safer by implementing the "twin peaks" regulatory system.
This involves the creation of two regulators: one responsible for the safety and soundness of financial institutions; and the other responsible for the manner in which financial institutions conduct their business.
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