Windhoek Observer – Page 599 – Windhoek Observer

01 Mar

Namibia’s National Budget: Marching relentlessly in the direction of economic recovery and social equity

Editorial

Namibia finds itself at a crossroads in its journey towards economic stability and social justice.The National Budget for the fiscal year 2024/25 tabled by the Minister of Finance and Public Enterprises, Ipumbu Shiimi earlier this week, serves as proof of the government's commitment to leveraging the country's improved economic outlook for the collective good.The budget arrived at a critical juncture, with Namibia grappling with the dual challenges of a recovering domestic economy and the persistent spectre of food insecurity affecting nearly 40 percent of the population.Shiimi's financial blueprint for the nation is both ambitious and pragmatic, focusing on stimulating domestic…

01 Mar

Economic Resurgence: Namibia’s Budgetary Governance Strategy

Featured, OpinionsEconomic Resurgence: Namibia’s Budgetary Governance Strategy

Patience Masua The recent budget announcement by Minister Shiimi marks a pivotal moment in Namibia’s fiscal strategy, particularly with its strategic three-pronged approach aimed at bolstering economic resilience and social welfare when the masses need it most. The significant tax amendments, including the doubling of the income tax threshold for individuals to N$100,000 and the reduction in non-mining company tax rates, signal a concerted effort to provide relief to low-income earners and stimulate domestic demand. This move not only puts more money directly into the pockets of taxpayers but also fosters a more conducive environment for private sector growth and…

01 Mar

Namibia sets sights on renewable energy to tackle environmental challenges

National NewsNamibia sets sights on renewable energy to tackle environmental challenges

Niël Terblanché Namibia has announced its ambitious plan to become a leading hub for renewable energy innovation in a significant move towards environmental sustainability and economic resilience. While addressing the High-Level Segment of the Sixth United Nations Environmental Assembly in Nairobi, Pohamba Shifeta, the Minister of Environment, Forestry and Tourism, outlined Namibia’s vision for a future where economic growth and environmental preservation go hand in hand. He told delegates that Namibia is facing serious environmental threats and that the country is at a critical juncture. Shifeta emphasized the urgency of addressing the triple planetary crisis of climate change, biodiversity loss,…

01 Mar

MP wants more schools and teachers

National NewsMP wants more schools and teachers

Stefanus Nashama Hidipo Hamata, a Popular Democratic Movement (PDM) Member of Parliament, wants the government to build more schools and employ more teachers to ensure quality education for Namibian children. Hamata was of the opinion that while the government has the mandate to provide universal basic education it also needs to have sufficient places in schools for all Namibian children. Hamata was contributing to the motion concerning the discussion of the issue of poor performance of government schools in Parliament this week. The parliamentarian further stated that the government should make sure that schools are adequately staffed, constructed where they…

01 Mar

Green Hydrogen Programme unveils groundbreaking initiatives

National NewsGreen Hydrogen Programme unveils groundbreaking initiatives

Hertta-Maria Amutenja The Namibia Green Hydrogen Programme (NGHP) unfurled an array of groundbreaking initiatives set to transform the nation’s energy landscape this year. In a strategic move, NGHP announced the appointment of seven seasoned executives, reinforcing its commitment to visionary leadership. James Mnyupe, Namibia’s Green Hydrogen Commissioner, is the driving force behind these developments. He expressed confidence in the team’s ability to oversee ambitious program initiatives. Mnyupe, at the forefront of transparency, affirmed that NGHP will continue its high-profile, in-person media briefings. The first of 2024 is scheduled for the last week of March where details of the comprehensive three-year…

01 Mar

Economic diversification can offset challenges

National NewsEconomic diversification can offset challenges

Niël Terblanché Namibia is committed to economic diversification as a fundamental pillar of the country’s fiscal and economic policy. This became evident when the Minister of Finance and Public Enterprises, Iipumbu Shiimi tabled the 2024/2025 National Budget in the National Assembly. Amidst projections of economic recovery, the government is poised to continue its pursuit of a more diversified economy through the implementation of its Economic Diversification Strategy while also seamlessly integrating it into the forthcoming Sixth National Development Plan. Shiimi stated that the reality of the anticipated economic upturn, primarily fueled by positive trends in the natural resources sector, is…

01 Mar

SMEs innovatively empowered through the distribution of drought relief

National NewsSMEs innovatively empowered through the distribution of drought relief

Niël Terblanché The Office of the Prime Minister has unveiled plans to uplift Small and Medium Enterprises (SMEs) across Namibia by integrating them into the country’s drought relief efforts. This groundbreaking initiative, set to commence in April, aims to harness the potential of local SMEs. The programme will enable SMEs to become key suppliers of essential drought relief food items such as cooking oil, canned fish, and flour within their respective communities. The strategy, which represents a collaborative effort between the Khomas Regional Council, the business community, and the Office of the Prime Minister, seeks to empower local vendors by…

01 Mar

Govt to settle UNAM’s N$605m debt

Observer Money

CHAMWE KAIRA The government has announced plans to settle the legacy debts of state-owned companies, including Air Namibia, the National Fishing Corporation of Namibia (FishCor), the Namibia Broadcasting Corporation (NBC), New Era, Roads Contractors Company (RCC), TransNamib, and the University of Namibia (UNAM), as disclosed by the Ministry of Finance and Public Enterprises this week. The total outstanding amounts owed by these entities are as follows: N$858 million for PAYE, N$140 million for income tax, N$338 million for VAT, and N$19 million for import VAT, with the total debts amounting to N$1.35 billion. Air Namibia’s debts total N$49 million, FishCor,…

01 Mar

Brazilian firm to provide Continental Shelf exercise

Observer Money

CHAMWE KAIRA The government has announced that the Directorate of Agriculture and Land Reform is gearing up for the project involving the extension of Namibia’s Continental Shelf margin beyond 200 nautical miles. In preparation for this endeavor, which includes readiness to defend Namibia's claim before the United Nations Commission on the Limits of the Continental Shelf (CLCS), a contract worth N$16 million has been secured with a Brazilian firm. Among the objectives of this agreement is the training of the Namibian team and the revision of Namibia’s claim of subsea territory, spanning approximately 1,062,935.85 square kilometers. The continental shelf refers…

01 Mar

Govt to transmit N$5.5 billion into sinking fund

Observer Money

CHAMWE KAIRA Over the next three years, a significant portion of the government debt portfolio is due for repayment. The largest among these maturities is the US$750 million (N$14.3 billion) Eurobond due on 29 October 2025. The Ministry of Finance and Public Enterprises has said this is the largest single day debt maturity in the history of the country. In this regard, the government plans to redirect part of the increase in revenues towards the sinking fund to manage the rollover risk and contain increases in future debt service obligations. Accordingly, the government will transmit at least N$3.5 billion during…