WINDHOEK: Finance and Public Enterprises Minister Iipumbu Shiimi said the national budget for the 2024/25 financial year is dedicated to the late President Hage Geingob to honour his legacy.

Shiimi tabled a historic N.dollars 100.1 billion budget in the National Assembly on Wednesday under the theme ‘Continuing the legacy of His Excellency Dr Hage G. Geingob by caring for the Namibian child.’

The minister further paid tribute to the late president for ‘the confidence and honour he bestowed upon me to steer our public finances.’

He said the budget was crafted with the aim of supporting domestic demand and stimulating economic activities.

‘At the same time, we remain keenly aware that the government cannot achieve sustainable job creation without the support of private businesses, including small and medium enterprises. As such, the fiscal framework considered the requisite interventions to create a conducive operating environment to enable the private sector to expand domestic investments,’ Shiimi said.

T
he budget is built on three pillars, among others, to prioritise stimulating domestic demand through a variety of policy actions to boost household incomes and create a conducive environment for businesses to thrive and expand investments.

Secondly, Shiimi said the budget seeks to accelerate investments in productive public infrastructure through an increase in the development budget to upgrade infrastructure that has become a hindrance to economic activities.

Thirdly, the minister noted that the fiscal framework continues the path to cultivate fiscal prudence to contain the public debt, which stands at N.dollars 151.3 billion, equivalent to 61.3 per cent of GDP.

‘While pursuing the above policy objectives, we remain cognisant of our social and everyday lived realities, including poverty levels, high unemployment, and frequent incidences of drought. Accordingly, specific provisions have been made in this budget to safeguard livelihoods and guard against excess reversals on gains made in the social sector,’
Shiimi said.

The minister noted that the N.dollars 100.1 billion budget includes N.dollars 3.2 billion in development projects funded through external loans and grants. It also includes a N.dollars 12.8 billion in interest payments.

Source: The Namibia Press Agency