Iipumbu Shiimi

Public service wage bill to cost N$29 billion this year

Public service wage bill to cost N$29 billion this year

Kandjemuni Kamuiiri It has emerged that Namibia will fork out a total of N$29 billion for salaries and benefits for its civil service this year, which translates into about N$2.4 billion monthly. According to the Minister of Finance, Iipumbu Shiimi, “annually we spend N$29 billion and if you divide that by 12 it would roughly be N$2,4 billion to N$2,5 billion monthly, same goes for last year. It’s more or less the same.” This revelation has raised concern whether Government could afford it considering its precarious financial position, with the minister maintaining that Government will still continue to honour bonuses,…
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Ministers paid pennies – Shiimi

Ministers paid pennies – Shiimi

Kandjemuni Kamuiiri and Tujoromajo Kasuto Finance Minister, Iipumbu Shiimi, says Government has no plans to cut salaries of ministers as part of cost cutting measures as they are already paid pennies compared to managers in the private sector. This is in response to whether ministers will be taking salary cuts in solidarity with thousands of Namibians whose salaries were cut by half due to the economic strains brought on by the COVID-19 pandemic. “Government employees don’t get paid much compared to the private sector. We have discussed it but it will not be considered because it would not be beneficial…
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Namibia secures N$1.8 billion German loans

Namibia secures N$1.8 billion German loans

Kandjemuni Kamuiiri Namibia and Germany on Tuesday signed a N$ 1.8 billion loan agreement, which will fund three programmes in the areas of water, infrastructure and food production. Minister of Finance, Iipumbu Shiimi, and German Ambassador, Herbert Beck, signed the agreements on behalf of their respective countries. According to Shiimi, financing will be provided by interest-reduced loans in local currency, thereby securing favourable credit conditions for the Government of Namibia. “These projects will support the development of important water and other climate related infrastructure projects in Namibia, and the promotion of agricultural households and micro, small and medium-sized enterprises through…
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Namibia gets N$1.5 billion AfDB loan …as planned use is questioned

Namibia gets N$1.5 billion AfDB loan …as planned use is questioned

Andrew Kathindi Africa Development Bank (AfDB) has approved a USD100.27 million (N$1.5 billion) to the Namibian government to address the impacts of the COVID-19 pandemic and help maintain Government’s welfare programmes. The approval of the loan to be repaid over 15 years on Wednesday 17 March 2021, follows a government request which was made in June last year. "As the country prepares for the post-pandemic era, the Government is pursuing reforms in a wide range of areas. The proposed Governance and Economic Recovery Support Programme (GERSP) operation is designed to support the Government's response and help to achieve inclusive post-pandemic…
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Shiimi tables declining budget … as sin tax is upped

Shiimi tables declining budget … as sin tax is upped

Andrew Kathindi The national budget for the 2021/2022 financial year amounts to N$59.4 billion, Finance Minister, Iipumbu Shiimi, has announced. This is a 6.1 percent decline from the N$63.4 budget tabled last year. “Budget revenue is projected to decline by 6.1 percent to N$52.1 billion, from the estimated N$55.5 billion in 2020/21. This is largely due to the expected contraction in SACU receipts. Over the remainder of the MTEF, revenue is forecast to gather pace at an average rate of 4.8 percent as domestic economic activity and regional trade pick up,” said Shiimi. Of the tabled figure, N$53.9 billion is…
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Former SME Bank employees demand N$67m from Government

Former SME Bank employees demand N$67m from Government

Andrew Kathindi Former employees of the now defunct SME Bank are demanding over N$67 million from Government in payment at the value of 12 months’ salary. According to the 208 former employees of the bank, the claim is supported by the recent decision by Finance Minister, Iipumbu Shiimi, to pay out Air Namibia employees’ salaries for one year. The SME Bank employees received their termination of service letters on 25 July 2017, with some only receiving accrued annual leave days, pro-rata bonuses, severance pay and five years long service award for those eligible. “There was no retrenchment package. Nothing at…
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Air Namibia faces uncertain future

Air Namibia faces uncertain future

Andrew Kathindi The future of Air Namibia is uncertain after government on Friday announced that it can no longer afford to bailout the national carrier despite it reaching another settlement agreement with Belgian company, Challenge Air. Finance Minister Iipumbu Shiimi on Friday restated that Air Namibia had significant debts that are unsustainable and that a business plan to save the state-owned enterprise would cost more than N$7 billion, funds which government does not have. "The government approached all airlines currently operating in Namibia as well as those that intend to operate in Namibia to assess if there would be any…
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Economy to contract by 7.9 percent …as Gvt offers tax filing incentives

Economy to contract by 7.9 percent …as Gvt offers tax filing incentives

Andrew Kathindi Namibian economic activity is predicted to contract by 7.9 percent, about 0.1 percent more than the 7.8 percent the Bank of Namibia (BoN) had forecasted for 2020, in August this year. Finance Minister, Iipumbu Shiimi in his delivery of the mid-term budget review, said the contraction was, “ a historic high whose contours cut across all economic sectors.” “The pandemic induced deepest historic recession this year exacerbated this situation, with a fallout on businesses, jobs, per capita income and public revenue.” Shiimi further said, “While the worst impact of the pandemic appears to have abated, its impact on…
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Geingob’s advisor lands board seat

Geingob’s advisor lands board seat

Staff Writer President Hage Geingob’s recently appointed Economic Advisor James Mnyupe been appointed to the Road Fund Administration (RFA) board by finance minister Iipumbu Shiimi. Mnyupe joined the State House team last month as a replacement for John Steytler who resigned from his post last year. The former Allan Gray Namibia Managing Director is joined on the new look RFA board by Bank of Namibia Director of Strategic Communication, Dr Emma Haiyambo who will hold the chair. Other board members include Standard Bank Namibia Head: Human Resources Isdor Angula, Oshoveli Hivelua and Melanie Tjijenda Director: Quality Assurance, Standards, Skills Development…
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Shiimi in tribalism storm . . . as opposition parties push back

Shiimi in tribalism storm . . . as opposition parties push back

Andrew Kathindi Opposition party leaders have hit back at Finance Minister, Iipumbu Shiimi for claims that new political parties were being founded by tribalists. On his social media page, Shiimi stated, “Tribalism will destroy Namibia as it has done in some countries. I am concerned about new political parties/associations that are being formed by tribalists. True Namibians should reject these tribal projects.” Shiimi’s comments were met with a barrage of criticism. It is believed that his comments may have been aimed at parties such as Landless People’s Movement (LPM), which was formed in 2018. Its leader, Bernadus Swartbooi has been…
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