23 Aug 2016 09:30am
RUNDU, 23 AUG (NAMPA) - Total investment in Namibia amounted to N.dollars 50 billion in 2015, Deputy Minister of Economic Planning and the National Planning Commission (NPC), Lucia Iipumbu, has said.
On average, Namibia invested more than N.dollars 30 billion every year during the fourth National Development Plan (NDP4) compared to N.dollars 1.3 billion every year during the transitional National Development Plan Namibias first development plan after independence in 1990.
Of the N.dollars 50 billion invested in 2015, 76 per cent was from the private sector, hence the private sector is an important partner for economic growth, Iipumbu explained during a regional consultative meeting on the formulation of NDP5 at Rundu on Thursday.
She further pointed out that Namibias Gini coefficient, a measure of the income distribution of a country's residents, has improved from 0.701 in 1993/94 to 0.589 in 2009/10.
While still awaiting the results of the recently conducted Namibia Household Income Expenditure Survey, Iipumbu said the NPC is confident that the measures taken by Government such as the increase in old age pension to N.dollars 1 100, accompanied by increase in coverage for other grants and social safety nets, will go a long way in reducing inequality and extreme poverty in the country.
According to statistics reported in 2009 to 2010, 28 per cent of Namibians were living in poverty. Of that 28 per cent, 15 per cent is considered to be extremely poor, she indicated.
This poverty, the deputy minister, stressed is manifested through deprivation of basic needs. However, according to the Namibia Index of Multiple Deprivation report conducted by the NPC, poverty in other forms such as health, education, living environments and access to services has reduced generally across the Namibian society.
Meanwhile, she informed the gathering that price stability has been the macroeconomic objective for the country.
We have contained inflation within manageable levels. Similarly, the country has seen reduced inflation rates since the transitional national development plan, where a double digit inflation rate of 12.7 was experienced, and this has slowed to a single digit of 7.0 in NDP3 and it is likely to average at the same level in NDP4, Iipumbu said.
NDP4 ends on 31 March 2017 and NDP5 will run from 01 April 2017 to 31 March 2022.