08 Mar 2018 08:30am
WINDHOEK, 08 MAR (NAMPA) The economic and infrastructure sectors took up the third largest share of the budgetary allocations, with a total sectoral share of 21,7 per cent, in line with the increased weight accorded to the Development Budget.
For the 2018/19 financial year, N.dollars 12.7 billion and about N.dollars 37.7 billion are allocated over the Medium Term Expenditure Framework (MTEF).
The latest budget has allocated N.dollars 3.5 billion to transport, while the amount stands at N.dollars 9.7 billion over the MTEF period.
Tabling the budget on Wednesday, Finance Minister Calle Schlettwein said the allocation is mainly for the completion of ongoing phases of road capital projects with contractual awards.
The amount is supported by N.dollars 2.6 billion from the Road Fund Administration in the 2018/19 financial year or about N.dollars 13 billion over the MTEF, as well as N.dollars 2 billion annually for project financing under the African Development Bank loan arrangement over the next two years.
The envisaged industrialisation and logistics hub investment stimulus will further reinforce this allocation, he said.
The Ministry of Agriculture, Water and Forestry receives N.dollars 2.1 billion, and about N.dollars 6.7 billion over the MTEF, while the Ministry of Finance is allocated N.dollars 4 billion and about N.dollars 12.1 billion over the MTEF.
Of this amount, N.dollars 2.5 billion will be allocated to the Public Service Employees Medical Aid Scheme (PSEMAS), while N.dollars 7.5 billion, which amounts to 62,5 per cent of the finance ministrys allocation over the MTEF, will go to PSEMAS.
An amount of N.dollars 124 million is earmarked for transfers to the Development Bank of Namibia over the MTEF to support implementation of the SME Financing Strategy, while N.dollars 70.5 million is earmarked for transfers to Agribank over the MTEF to support the Agribanks loan book and lending activities.
A total of N.dollars 319.9 million is earmarked for transitional arrangements for the establishment of the Namibia Revenue Agency over the MTEF, on top of the allocations made for the Departments of Inland Revenue and Customs and Excise.
An amount of N.dollars 2 million is allocated annually for the Financial Literacy Initiative.