The 2023/24 Budget caters for youth and women development

The government will fund various youth programs, aimed at capacity building and skills development.

In the budget tabled by the Finance Minister, Iipumbu Shiimi on Wednesday, funding is availed for charcoal production projects through the National Youth Service, as well as for a youth credit scheme and 121 rural youth enterprises, under the Ministry of Youth.

Iipumbu Shiimi revealed that Agribank has so far disbursed N$25,6 million to women and youth towards promoting inclusivity.

Finance Minister tables 2023/2024 budget

The Minister of Finance Iipumbu Shiimi has tabled a national budget of more than N$72,6 billion during the 2023-2024 financial year, in the National Assembly.

Just like in previous national budgets, the ministries of Education, Health, and Defence continue to dominate state allocation.

In his opening statement, Shiimi was hopeful for increased revenue collection - while forecasting good economic growth.

Notwithstanding the ramifications of COVID-19 and the Russia-Ukraine conflict, Shiimi's speech was centered on Economic Revival and Caring for the Poor.

Minister of Finance announces increase in social grants

The Minister of Finance has announced an increase in social grants to cushion vulnerable members of society against the rising cost of food prices.

Iipumbu Shiimi made the much-welcomed announcement in Parliament on Tuesday as he delivered the mid-term budget for the years 2022 to 2023.

The Finance Minister said N$5.2 million has been added to the Ministry of Gender Equality, Poverty Eradication and Social Welfare's budget to make the increases possible.

Backdated to October 2022, the food bank recipients' grants will be increased from N$500 to N$600 per month.

Finance Minister tables additional N$4 billion for 2022–2023 financial year

The Minister of Finance, Iipumbu Shiimi, has tabled an additional budget of N$4 billion in the National Assembly for the financial year 2022–2023.

In his mid-term budget adjustment, Iipumbu increased the operational budget from N$56.6 billion to N$60.1 billion.

The development budget increased slightly from N$5 billion to N$5.5 billion.

Shiimi tabled this year's mid-term budget with a promising tone, with projected slight economic growth, improved tax collection, growing revenue generation, and downward revised national debts, among others.