The Minister of Finance and Public Enterprises, Ipumbu Shiimi, highlighted the country's active participation in the open budget survey since 2010, led by the International Budget Partnership.
He emphasised that Namibia's participation aims to ensure transparency in budgeting processes.
He was responding to concerns raised by members of Parliament regarding fiscal transparency and public involvement.
A significant portion of government debt is due for repayment over the medium term.
The N$14.3 billion Eurobond, due on October 29, 2025, is the largest single-day debt maturity in the history of Namibia.
Tabling the National Budget 2024/25 in the National Assembly, Finance and Public Enterprises Minister Ipumbu Shiimi pointed out strong growth in the gross domestic product, supported by improvements in tax collection measures by the Namibia Revenue Authority. These, he said, have led to significant improvements in several revenue streams.
The Minister of Finance and Public Enterprises, Ipumbu Shiimi, invited learners from various schools to witness the tabling of the 2024/25 National Budget in Parliament.
The theme for this year's budget is “Continuing the Legacy of Dr. Hage Geingob by Caring for the Namibian Child" and is focused on the deliberate intention to bring prosperity closer to the Namibian people by promoting economic growth while reinforcing the government’s vision of building an inclusive private-sector-led economy."
The Minister of Finance and Public Enterprises, Ipumbu Shiimi, will table the budget for the upcoming fiscal year 2024-2025 in the National Assembly tomorrow at 14:30.
The national budget encompasses government revenue, expenditure, and borrowing strategies, as well as pivotal policy priorities.
The ministry is, however, worried about an expected decrease in Southern African Customs Union (SACU) revenue, one of its major sources of income.
Finance and Public Enterprises Minister Ipumbu Shiimi says the government is committed to ensuring that investment in agriculture in the Zambezi Region is prioritised.
Shiimi observed that the government is aware that the region has fertile land and that traditional authorities have made land available for agricultural activities.
The Minister made the remarks on Sunday at Chinchimane in Sibbinda Constituency as the Mafwe Community celebrated the annual Lusata cultural festival.
The tabling of the 2024–2025 budget may seem far away, but the Ministry of Finance is already in the process of putting the budget together and engaging stakeholders for input.
Finance Minister Iipumbu Shiimi already held an engagement in the Zambezi Region before moving to the Otjozondjupa Region.
This is an opportunity for the stakeholders to propose their input and the way they think the budget should go.
All seven constituencies in the region were represented at the meeting, where a number of government offices and ministries joined to raise their concerns.
The Minister of Finance and Public Enterprises, Ipumbu Shiimi, is on a visit to the Zambezi Region to consult with the regional council leadership and other stakeholders to seek their input on next year's national budget.
Shiimi said consultations with stakeholders on the national budget are crucial for the planning process.
The Minister of Finance and Public Enterprises, Ipumbu Shiimi, has tabled a bill in parliament aimed at bolstering Namibia's financial intelligence capabilities and addressing the shortcomings identified in the country's recent mutual evaluation report.
The assessment report, carried out by the Eastern and Southern African Anti-Money Laundering Group and the Financial Action Task Force, evaluated Namibia's adherence to international standards in combating money laundering, terrorism financing, and proliferation.
The Minister of Finance and Public Enterprises, Ipumbu Shiimi, has directed public entities not to enter into financial agreements that exempt lenders from the required tendering processes as stated in the Procurement Act.
This directive follows a local outcry regarding a road project funded by the German development agency, KfW Development Bank, that excluded local construction companies due to strict financial and technical pre-qualification requirements.
Nedbank Namibia's Managing Director, Martha Murorua, has urged local businesses to align their recovery programs with those of the government aimed at reviving the economy.
Murorua made these remarks at a Nedbank economic breakfast panel discussion in Swakopmund.
The discussions centered around the budget, tabled by the Minister of Finance and Public Enterprises, Ipumbu Shiimi.
