Finance Minister tables N$60 billion budget

19 Feb 2014 18:20pm
WINDHOEK, 18 FEB (NAMPA) – Finance Minister Saara Kuugongelwa-Amadhila on Wednesday tabled a N.dollars 60,28 billion national expenditure budget for the 2014/15 financial year in the National Assembly.
The proposed expenditure level represents a 26,7 per cent increase from N.dollars 47,58 billion allocated for 2013/14, the Finance Minister told Parliamentarians during her hour-long speech.
For the Medium-Term Expenditure Framework (MTEF) period (2014-2017), total expenditure is projected to average around N.dollars 64,92 billion.
The operational expenditure for 2014/15 is budgeted at N.dollars 48 billion, equivalent to a 29,1 per cent rise from N.dollars 37,18 billion allocated during 2013/2014.
She attributed the increase to salary increases for civil servants as agreed with unions, as well as job evaluation and regrading.
Kuugongelwa-Amadhila indicated that the operational budget includes a total of N.dollars 9,52 billion earmarked for money transfers to State-Owned Enterprises (SOEs), mainly for infrastructure development in the energy and transport sectors.
Over the MTEF, transfer to SOEs stands at a staggering N.dollars 24,84 billion or 16,3 per cent of the operational budget.
The development budget allocation has increased by 17,6 per cent from N.dollars 8,15 billion in 2013/2014 to N.dollars 9,58 billion.
The development budget allocation should be seen together with the targeted transfers to SOEs, much of which accrues to infrastructure projects.