Mid-term budget review on Thursday
31 Oct 2017 17:30pm
WINDHOEK, 31 OCT (NAMPA) - Minister of Finance Calle Schlettwein will table the Mid-Year Budget Review for 2017 in the National Assembly (NA) on Thursday.
This is the second time the finance minister will table the mid-term review, which is aimed at announcing adjustments in the Appropriation Bill to support the economy and address micro-fiscal risks.
Schlettwein made the announcement in the NA on Tuesday.
In 2016, the Finance Minister announced the fiscal consolidation policy framework in the Mid-Year Budget Review through which Government aligned expenditure closer to revenue, thus reducing growth in public debt and budget deficit.
The budget cuts in the Mid-Year Budget Review for the 2016/17 financial year mainly concentrated on the construction of office blocks or building extensions.
The consolidation plan further included budget cuts for ministries and agencies, a reduction in travelling and subsistence allowances and the shelving of some of the big projects such as Kudu Gas, Hosea Kutako International Airport and construction of a new Parliament building.
The Ministry of Defence was affected the most, with the largest decrease of N.dollars 653 794 000 (from N.dollars 6 600 539 000 to N.dollars 5 946 745 000) last year.
Priority was also given to funding the completion of the Neckartal Dam; the Drought Relief Programme; Orphans and Vulnerable Children Programme; Ministry of Home Affairs and Immigration for the Visa Stickers project; and the Urban and Rural Development Ministry which received N.dollars 100 million.