Finance minister Iipumbi Shiimi

Shiimi announces N$64.3 billion budget

Shiimi announces N$64.3 billion budget

Staff Writer Finance minister Iipumbi Shiimi on Wednesday announced a N$64.3 billion budget, where he projected the domestic economy to contract by 6.6 percent in real terms this year. “The 2020/21 Appropriation Bill amounts to N$64.3 billion. A total of N$8.4 billion, or 16.4 percent of revenue, is earmarked for the payment of interest payable on moneys borrowed. This amount is deemed to have been appropriated. Therefore, the total expenditure, including interest payments, for the 2020/21 financial year, amounts to N$72.8 billion,” he said. “The contraction may as well linger on in 2021 at a moderate rate of 1.1 percent,…
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