Inherited Debt Relief Act 54 of 1998

The Inherited Debt Relief Act 54 of 1998 intends:

• to empower the Minister of Finance to borrow the amount of R936 138 000 during the financial year ending on 31 March 1999, for the purpose of discharging certain debts of the former Transkei, Bophuthatswana, Venda and Ciskei and former self-governing territories of Gazankulu, Kangwane, Kwandebele and Lebowa that had devolved upon certain provinces in terms of the Constitution of the Republic of South Africa, 1993, and were still outstanding on 31 March 1995, and, where applicable, compensating such a province for its partial repayment of such a debt after that date;
• to make arrangements for the transfer to those provinces of the money so borrowed and for their payment of the balances outstanding on those debts; and
• to provide for incidental matters.

Commencement

23 September 1998