Kwazulu-natal: KwaZulu-Natal Premier Thamsanqa Ntuli has welcomed the possible withdrawal by the Prudential Authority (PA) and the Repayment Administrator, Johan Kruger, of their court application seeking the liquidation of Ithala SOC Limited and Ithala Bank. Ntuli described the development as a significant breakthrough following months of intensive engagements and negotiations led by the Provincial Government to safeguard the historic institution.According to South African Government News Agency, Ntuli stated that the issue extends beyond just a financial entity, emphasizing the importance of protecting the economic aspirations of the people of KwaZulu-Natal, especially the rural poor, small businesses, and historically marginalized communities reliant on Ithala. Ntuli has led discussions to resolve the impasse, working closely with Members of the Provincial Legislature, including Economic Development, Tourism and Environmental Affairs MEC Reverend Musa Zondi and Finance MEC Francois Rodgers.The matter w as elevated to the national leadership level, involving discussions with President Cyril Ramaphosa to secure a sustainable and lawful resolution. The Premier emphasized that while the possible withdrawal of the liquidation application is seen as a positive step, it marks not the end but a beginning of substantial work ahead. The focus now shifts towards revitalizing and stabilizing Ithala to ensure its sustainable operation as a compliant financial institution.Ntuli acknowledged the complexity of the process, describing it as a challenging journey requiring patience, discipline, and constructive engagement across various government sectors and regulatory authorities. He reaffirmed the commitment to ensuring Ithala emerges stronger, more resilient, and well-structured to fulfill its developmental mandate, a critical role in extending financial services to historically excluded communities.The Provincial Government intends to continue collaborative efforts with regulators, National Treasury, and other stake holders to ensure compliance with regulatory frameworks while safeguarding depositors' interests and the broader provincial economy. Ntuli urged KwaZulu-Natal residents to maintain their trust in the Provincial Government as it navigates Ithala through this critical phase.