Finance Ministry urged to advance financial sector reforms

11 Sep 2015 11:40am
WINDHOEK, 11 SEP (NAMPA) - The Ministry of Finance should not only ensure sound public finance management in all its dimensions, but also advance financial sector reforms to achieve greater inclusivity and broad-based access to finance.
This was said by President Hage Geingob on Wednesday when he inaugurated the Finance Ministry’s new head office located in Molkte Street in the central business district of Windhoek. The new building is adjacent to the Finance Ministry’s old headquarters.
Geingob said the Public Procurement Policy should aim to promote local economic development goals and benefit from modern, transparent and efficient administration apparatus in order to enhance value for money and optimise the multiplier effects in the economy.
“We have declared an all-out war on poverty with the goal to eradicate this scourge at a faster rate and achieve prosperity for all Namibians,” he said.
He explained that Government has committed itself to the urgent priorities of job creation, serviced land delivery, reduction of income inequalities and the creation of wealth through targeted measures.
“The realisation of these goals over the shortest possible period requires that the country achieves a high and sustainable inclusive economic growth path, which is a conditio sine quanon (something that is absolutely needed) for public resources mobilisation,” said Geingob.
He indicated that it requires faster implementation of sound economic, financial and social policies.
It calls also for increased access to finance as a catalyst for wealth creation, unlocking opportunities and the empowerment of more Namibians to realise their potential, he said.
“We need to increasingly mobilise domestic resources to finance development, retain the competitive edge on the trade facilitation front, innovative financing and better management of financial risks,” said the president.
“As we pursue the goal of building our Namibian house, let this workplace be a centre of harmonious work relations where no single staff member should feel left out. Let it exemplify the unifying spirit under the mantra, ‘One Namibia, One Nation’,” he said.