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Economy under threat despite budget cutsImage may be NSFW.
Clik here to view. Finance Minister Calle
Schlettwein has announced that the 2016/17 national budget will be cut by N$5.5
billion to help government reduce expenditure and cut deficit.
The expenditure cuts have been predicted by many given the precarious economic situation the country finds itself in.
Delivering his mid-term budget review in the National Assembly this afternoon, Schlettwein said spending cuts were urgently needed due to the downward revision in budget revenue estimates of about N$6.23 billion.
“This is a necessary collective course of action and each and every single budget vote has contributed to this objective,” he said.
“The Namibian economy has never before been in such
a precarious situation.”
Out of the N$5.5 billion freed-up funds, Schlettwein wants to save N$4.5 billion, while spending the remaining N$1 billion on urgent priorities.
The allocations are as follows:
N$350 million for Neckartal Dam
N$150 million for drought
N$150 million to orphans and vulnerable children
N$50 million for visa stickers
N$100 million for Mass Housing
N$100 million to Unam
N$100 million to NUST
Read full story in tomorrow’s Namibian Sun
Clik here to view.
Economy under threat despite budget cutsImage may be NSFW.Clik here to view.
Finance Minister Calle
Schlettwein has announced that the 2016/17 national budget will be cut by N$5.5
billion to help government reduce expenditure and cut deficit. The expenditure cuts have been predicted by many given the precarious economic situation the country finds itself in.
Delivering his mid-term budget review in the National Assembly this afternoon, Schlettwein said spending cuts were urgently needed due to the downward revision in budget revenue estimates of about N$6.23 billion.
“This is a necessary collective course of action and each and every single budget vote has contributed to this objective,” he said.
“The Namibian economy has never before been in such
a precarious situation.”
Out of the N$5.5 billion freed-up funds, Schlettwein wants to save N$4.5 billion, while spending the remaining N$1 billion on urgent priorities.
The allocations are as follows:
N$350 million for Neckartal Dam
N$150 million for drought
N$150 million to orphans and vulnerable children
N$50 million for visa stickers
N$100 million for Mass Housing
N$100 million to Unam
N$100 million to NUST
Read full story in tomorrow’s Namibian Sun
