CORRECTION: National budget tabled in Parliament
07 Mar 2018 16:50pm
CORRECTING BUDGET AMOUNT IN SECOND PARA TO N.DOLLARS 65 BILLION.
WINDHOEK, 07 MAR (NAMPA) The 2018/19 National Budget was tabled in the National Assembly on Wednesday.
The total budget for the 2018/19 financial year is N.dollars 65 billion, compared to N.dollars 62.5 billion last year.
Tabling the budget, Minister of Finance Calle Schlettwein said the budget will focus on shared prosperity, growth, less inequality and improved service delivery and will be pro-poor.
He said the budget comes after the Namibian economy endured its most precarious phase and is at a turning point.
It is a fiscal proposition to further consolidate non-core spending and align resources to core national priorities, he stated.
Schlettwein also indicated that the budget would offer policy consistency with the pro-growth, pro-poor policy stance of long duration.
He furthermore said the 2018/19 National Budget was anchored on decisions taken in 2016 to ensure fiscal sustainability and protect macroeconomic stability, stabilised public finances and a resilient domestic revenue.
The minister said key macroeconomic fundamentals have strengthened since 2016, fast closing the current account and trade deficits.
Our policy interventions have reinforced the automatic stabilisers and yielded positive results. Domestic economic fundamentals are strengthening and the improving global economic and financial landscape offer a favourable environment for policy effectiveness, he said.