2014/15 debt outlook increases by N.dollars 6 billion

19 Feb 2014 20:20pm
WINDHOEK, 19 FEB (NAMPA) – Namibia’s debt outlook is projected to increase from N.dollars 32,39 billion in 2013/14 to about N.dollars 38,48 billion in 2014/15.
This represents 27,2 per cent of the Gross Domestic Product (GDP), Minister of Finance Saara Kuugongelwa-Amadhila said while tabling the N.dollars 60,28 billion 2014/15 National Budget in Parliament on Wednesday.
The minister said the debt is forecast to average around 26,8 per cent over the 2014 to 2017 Medium-Term Expenditure Framework (MTEF).
“Given risks on revenue and public debt outlook, the fiscal policy stance of the MTEF is to rebuild fiscal buffers, while providing needed budgetary support to strategic priorities,” she said.
Kuugongelwa-Amadhila added that the fiscal policy stance for the MTEF is to follow the fiscal consolidation path by reducing the budget deficit as a mechanism to mitigate potential impacts of revenue risks, and continue with measures to strengthen efficiency in tax administration and revenue collection.
The minister announced that the budget deficit is projected at N.dollars 7,62 billion, corresponding to about 5,4 per cent of the GDP.
“This is a moderation from the deficit of 6.4 per cent budgeted for 2013/14, in line with the gradual fiscal consolidation programme,” she said.
Kuugongelwa-Amadhila said as a percentage of GDP, the deficit is estimated to average around 3,5 per cent over the MTEF.