Schlettwein to table mid-year budget review late October

11 Oct 2018 15:10pm
WINDHOEK, 11 OCT (NAMPA) – Minister of Finance Calle Schlettwein will table the mid-year budget review for 2018 in the National Assembly towards the end of October.
Schlettwein said this here Thursday during a private sector consultative meeting with the ministry on mapping out strategies on how to improve the Namibian economy.
The mid-year review serves to reallocate resources to the best alternative uses based on the mid-year assessment of the budget implementation rate, and provide spending priorities to allow the public and legislature opportunity to make input in advance of the preparation and tabling of the main budget.
Schlettwein said the mid-year budget review will concentrate on the state of the economy, the fiscal policy position and medium-term fiscal policy framework, and the tax policy proposals.
The finance minister described the economic order as a mixed economy with the private sector supposed to serve as equine growth and employment creation.
“The economy has been under concerted recessionary pressure since the second quarter of 2016,” he said, adding that the robust growth rates over the past years prior to that year was largely driven by public investments and government consumption of goods and services and large foreign direct investment in the mining sector.
He added that the fiscal stance was to maintain a paced consolidation path with the objective of stabilising growth in public debt.
The minister indicated that public expenditure as a ration of the gross domestic product was reduced from 42,8 per cent in 2015/16 to 34 per cent this year.
The budget deficit was reduced from 8,2 per cent to an estimated 4,5 per cent over the same period.
“These are the times when the private sector investments in the real and services sectors are needed to support domestic economic activity and use this opportunity to elevate its role in the economy,” Schlettwein said.