Higher SACU receipts expected: Schlettwein

08 Mar 2017 19:10pm
WINDHOEK, 08 MAR (NAMPA) - Higher Southern African Customs Union (SACU) receipts and earnings from increased exports from the mining sector are expected to improve Namibia’s current account balance.
Minister of Finance Calle Schlettwein said during the tabling of the Appropriation Bill of 2017 in the National Assembly (NA) on Wednesday an improvement in the country’s external position is also expected.
He said new policies to improve the productive and exporting capacity of the economy and a stronger fiscal balance remain important for the medium to long-term improvement of Namibia’s terms of trade.
Schlettwein said regional economic integration provides trade and economic development opportunities for Namibia as a future logistics hub for the southern African sub-region.
He indicated that concerns on SACU institutional arrangements were also being addressed by member states.
The union has five members - Botswana, Lesotho, Namibia, South Africa and Swaziland.
“The restoration of normalcy in the functioning of SACU institution bodies would enable SACU to continue playing its envisaged role as the engine of regional integration and industrialisation,” he said.
The revenue for the 2017/18 budget year is projected at N.dollars 56.4 billion, which represents an increase from an estimated N.dollars 51.5 billion in the 2016/17 financial year.
“This is due to higher than anticipated SACU receipts and improvements in some of the domestic revenue streams,” Schlettwein explained.