The Public Debt Servicing Bill has increased beyond the levels anticipated in the National Budget.
Finance Minister Iipimbu Shiimi says this is commensurate with a rising debt portfolio coupled with the prevailing tight financial conditions.
Shiimi pointed out that, as a result, interest payments have increased by N$1.7 billion to N$11.8 billion for the 2023–2024 financial year.
This equals 15% of the projected revenues for this financial year.
Members of Parliament in the National Council have applauded the Minister of Finance for tabling the budget ahead of schedule this year as compared to previous years.
In a recent discussion on the national budget, lawmakers expressed their support for the budget, which saw various sectors allocate additional funds.
Numerous proposals were also brought up during the session to tackle a range of concerns, including wildlife conflict, unemployment, drought, road infrastructure, and health facilities.
The Minister of Finance, Iipumbu Shiimi has once again expressed concern over the state of audited financial reports at some town councils and state-owned entities.
Tabling a number of annual reports of various town councils and parastatals in the National Assembly, Shiimi says the reports leave much to be desired in terms of their compilation.
The finance minister highlighted the Auditor General's opinions in all the reports in question, mainly qualified - which refers to the need for much more to be done to improve the quality of these reports.
