New budget to do away with big deficits

27 Feb 2017 19:50pm
WINDHOEK, 27 FEB (NAMPA) – The National Budget for the 2017/2018 financial year will do away with excessive expenditure, President Hage Geingob has said.
Addressing the Swapo Party’s Khomas leadership at a meeting on Monday, Geingob said Government is tying up loose ends and taking care of over-payments in some areas because Namibia is facing heavy and unexpected winds.
He noted that the economic challenges are resultant of falls in incomes and the drop in the US Dollar, which made it difficult for the Namibian Dollar on the international market.
“Namibia is not broke, as some believe, but government is taking care of overpayments in some areas of the country’s economy,” Geingob stressed.
The Budget will be tabled in the National Assembly in March.
Government reduced the 2016/17 National Budget from N.dollars 61 120 637 000 to N.dollars 57 620 637 000 during the tabling of the Appropriation Amendment Bill in the National Assembly (NA) in October 2016.
The leadership meeting was held with branch, district and regional executives.
Swapo-Party Secretary General (SG) Nangolo Mbumba, Khomas Regional Governor Laura McLeod-Katjirua and Chairperson of the National Council (NC) Margaret Mensah-Williams attended the meeting.
(NAMPA)
ANS/LI/AS