Elections

 

Namibia's debt declining at manageable levels - Shiimi

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Namibia's borrowing and debt levels have been a concern in recent years, but are now under control and are showing a decline since the beginning of this year.
 
Finance and Public Enterprises Minister, Iipumbu Shiimi, said the country's debt level is still sustainable and within controllable levels.

Shiimi said this during an interview with the Business Today show focusing on the state of the Namibian economy.

Customs are enablers for tangible benefits from AfCFTA - Shiimi

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The Minister of Finance and Public Enterprise, Iipumbu Shiimi, says the African Continental Free Trade Area (AfCFTA) is a high-ambition trade agreement with a comprehensive scope that includes critical areas such as digital trade and investment protection.

Shiimi said this during the 30th World Customs Organisation East and Southern Africa Governing Meeting held at Swakopmund.

The AfCFTA is the world's largest free trade area, bringing together 55 countries of the African Union (AU) and eight Regional Economic Communities to create a single market for the continent.

MPs Laud Finance Minister's Budget Increment

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Members of Parliament have commended the Minister of Finance and Public Enterprises, Iipumbu Shiimi, for his efforts in presenting a substantial increment in this year's national budget. 

However, some are concerned about the inadequacy of the allocated funds for old-age grants and the absence of dedicated financial provisions and employment opportunities.

In her contribution to the Appropriation Bill, PDM's Elma Dienda emphasised the impact of the late president Hage Geingob's vision, which brought hope to senior citizens dependent on the old age grant for survival. 

Sport Budget Receives Significant Boost

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The Minister of Finance and Public Enterprises, Iipumbu Shiimi, announced a substantial increase in funding for sports during his delivery of the 2024/25 budget in the National Assembly.

The Ministry of Sport, Youth, and National Service received a 45.3% increase compared to last year, amounting to a planned N2.2 billion.

In his budget speech, Shiimi stated that the allocated funds to the line Ministry would be utilized for its upcoming activities.

Economic recovery is not expected to address pervasive challenges - Shiimi

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Finance and Public Enterprises Minister Iipumbu Shiimi says the projected economic recovery is not expected to address pervasive and entrenched national challenges.

Tabling the national budget, Shiimi said it is therefore urgent that Namibia's economy be diversified.

With the domestic economic outlook having improved significantly, gross domestic product growth was estimated at 5.6% in 2023, before moderating to 4% in 2024 and 3.9% in 2025.

Finance Minister tables N$100.1 billion national budget

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Finance and Public Enterprises Minister Iipumbu Shiimi tabled a N$100.1 billion national budget in the National Assembly this afternoon.

This is the first time Namibia's national budget exceeds the N$100 billion mark.

Finance Minister Iipumbu Shiimi tabled his fifth full budget under the theme, 'Continuing the Legacy of His Excellency, President Hage G. Geingob, by Caring for the Namibian Child'.

National Council MPs welcome drought relief budget

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Some members of the National Council welcomed the drought relief budget allocation following the adjustment of the amount by the Minister of Finance and Public Enterprises.

Iipumbu Shiimi added an additional N$643 million to supplement the drought relief provision under the Office of the Prime Minister, covering both food distribution as well as support for affected farmers.

Swapo MP Leonard Shikulo expressed appreciation, saying the community of the Omusati Region is satisfied with the allocation of funds for drought relief.

Namibia displays economic resilience

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Despite economic challenges, Namibia has displayed resilience, with an estimated growth rate of 3.5% in 2023.

The public debt stock is expected to reach N$153.8 billion of the gross domestic product (GDP), showing a slight improvement from the previous year.

This was revealed by Finance Minister Iipumbu Shiimi during the 2023–24 Budget Mid-Year Review.

In his speech, Minister Shiimi acknowledged the growing costs of servicing the national debt and reaffirmed the government's commitment to stabilising debt growth and preserving fiscal stability.

Finance Minister tables N$4.8 billion additional budget 

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The Minister of Finance and Public Enterprises, Iipumbu Shiimi, unveiled the financial adjustments during the presentation of the N$4.8 billion 2023–2024 Appropriation Bill.

An additional budget of N$643 million will go towards the drought relief programme under the Office of the Prime Minister.

This allocation will provide food aid and assistance to farmers affected by the drought.

Various government departments will receive a total of N$438.5 million for goods and services.

MTC Namibia Denies Allegations of Missing Funds

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Mobile Telecommunications Limited (MTC Namibia) has released an official statement addressing allegations of missing funds.

The company's response comes after an incident in Parliament where Bernadus Swartbooi of the Landless People Movement (LPM) posed questions to the Minister of Finance and Public Enterprise, Iipumbu Shiimi, about an alleged transfer of N$1.2 billion from MTC's account to an unidentified recipient, purportedly for funding legal costs in the ongoing Fishrot court case.