{"id":39823,"date":"2023-02-20T17:47:34","date_gmt":"2023-02-20T17:47:34","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily"},"modified":"2023-02-20T17:57:52","modified_gmt":"2023-02-20T17:57:52","slug":"namibia-borrows-n29m-daily","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily","title":{"rendered":"Namibia borrows N$29m daily"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>As finance minister Iipumbu Shiimi is preparing to table the 2023\/24 budget in the National Assembly on Wednesday, the country\u2019s growing debt levels will weigh heavy on the mind of the former central bank governor.<\/p>\n

Namibia is borrowing a sizeable amount of N$29 million daily, including weekends, for the last 12 years. In 2010, Namibia\u2019s public debt was around N$11 billion,<\/p>\n

which debt stock is now expected to increase to N$138.4 billion, equivalent to 69.6% of gross domestic product (GDP) in FY2022\/23.<\/p>\n

The shocking figures were shared by Theo Klein, an economist at stock brokerage Simonis Storm last week during a pre-budget discussion hosted by the High Economic Intelligence (HEI) entity, an independent research body specialising in economic and financial services.<\/p>\n

He also highlighted the fact that Namibia\u2019s development budget receives less money than the operational budget, which is dominated by public wages. According to him, the development budget can be a significant catalyst for economic growth and improved standards of living.<\/p>\n

\u201cFactors that led to lower economic growth rates, especially post-2015, include fiscal consolidation.<\/p>\n

So, fiscal consolidation was announced in the budget speech of 2015, and that is government\u2019s plan to cut back on expenditure and reduce budget allocations to various ministries to try and get its spending and debt under control.<\/p>\n

Since then, our economy has suffered due to government being a very big player in our economy,\u201d Klein observed.<\/p>\n

He added that current poverty rates are exactly what they were in 2008.<\/p>\n

All the poverty reduction gains that Namibia made in its economic boom, have been completely wiped out. \u201cSince fiscal consolidation commenced, you see this key trend of rising poverty and rising disapproval amongst the Namibian nation\u201d.<\/p>\n

The World Bank indicated in its overview last year that some 1.6 million Namibians live in poverty.<\/p>\n

In a 2021 report by the Namibia Statistics Agency (NSA), multidimensional poverty was determined to affect 43% of the population, 59% in rural and 25% in urban areas.<\/p>\n

Expectations<\/p>\n

Klein expects to see an improvement in tax revenue on the back of improved economic growth, and further clarity on when exactly the tax brackets will be adjusted for inflation as well as laying the new minimum taxable income threshold. Social grants are expected to improve while the personal income tax, value-added tax (VAT) and other taxes are anticipated to remain unchanged.<\/p>\n

On expectations and recommendations, Salomo Hei, managing director at HEI, forecasts that the education and health<\/p>\n

sectors will get a big chunk of the pie. But he urged accountability in education, as it has not delivered the most desired results with such big allocations.<\/p>\n

\u201cWe need to have targets. We need to understand what it is that you want to see. There\u2019s no way we are spending the sort of appropriation on education, and at the<\/p>\n

same time we are putting our young people onto the streets. There needs to be some level of accountability,\u201d he stressed.<\/p>\n

The Ministry of Education, Arts and Culture was allocated N$14.1 billion, equivalent to 19.9% of the 2022\/23 national budget, while the Ministry of Higher Education, Training and Innovation received N$3.3 billion.<\/p>\n

Hei noted that there is a lot to be done in terms of service delivery. He thus urged for the prioritisation of investments in digital technologies and infrastructure, as well as improved governance, and enhancing debt transparency.<\/p>\n

\u201cWe need direct support for small and medium enterprises (SMEs). The most important thing now is that we need to get to a percentage of the budget that should be allocated to development projects. Through that, we\u2019ll be able to adopt value and have a ripple-effect on revenue, job-creation<\/p>\n

and making sure our economy becomes inclusive,\u201d he recommended.<\/p>\n

Covid contraction<\/p>\n

An economist at FNB Namibia, Ruusa Nandago, said countries which entered the Covid-19 pandemic period in weak or unhealthy positions are more likely to be severely impacted by the pandemic, and will also take a long time to recover.<\/p>\n

This fits well for Namibia.<\/p>\n

\u201cWe were already in a weak position, hence, we recorded the largest contraction of 8% as a result of the Covid-19 pandemic. The impact of Covid-19 has led to a lot of structural imbalances\u201d.<\/p>\n

She added that the Namibian economy is still not adequately diversified, which is another structural impediment the country is facing.<\/p>\n

Namibia became increasingly reliant on mining commodity exports, which tend to be volatile, she added, also touching on the elevated levels of government debt, which are not sustainable over the long-term.<\/p>\n

Nandago feels that last week\u2019s pre-budget discussion was important for fiscal policymakers to understand what the economic landscape will look like not only in the short-term, but also in the long-term in order to efficiently and adequately allocate national resources.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. As finance minister Iipumbu Shiimi is preparing to table the 2023\/24 budget in the National Assembly on Wednesday, the country\u2019s growing debt levels will weigh heavy on the mind of the former central bank governor. Namibia is borrowing a sizeable amount of N$29 million daily, including weekends, for the last 12 years. […]<\/p>\n","protected":false},"author":84,"featured_media":39822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-39823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamibia borrows N$29m daily - Namibia<\/title>\n<meta name=\"description\" content=\"As finance minister Iipumbu Shiimi is preparing to table the 2023\/24 budget in the National Assembly on Wednesday, the c ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namibia borrows N$29m daily\" \/>\n<meta property=\"og:description\" content=\"As finance minister Iipumbu Shiimi is preparing to table the 2023\/24 budget in the National Assembly on Wednesday, the c ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-20T17:47:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-20T17:57:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namibia borrows N$29m daily\",\"datePublished\":\"2023-02-20T17:47:34+00:00\",\"dateModified\":\"2023-02-20T17:57:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily\"},\"wordCount\":793,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily\",\"name\":\"Namibia borrows N$29m daily - Namibia\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg\",\"datePublished\":\"2023-02-20T17:47:34+00:00\",\"dateModified\":\"2023-02-20T17:57:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"As finance minister Iipumbu Shiimi is preparing to table the 2023\/24 budget in the National Assembly on Wednesday, the c ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg\",\"width\":720,\"height\":480,\"caption\":\"Namibia borrows N$29m daily\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/namibia\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Namibia borrows N$29m daily\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/\",\"name\":\"Namibia\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Namibia borrows N$29m daily - Namibia","description":"As finance minister Iipumbu Shiimi is preparing to table the 2023\/24 budget in the National Assembly on Wednesday, the c ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily","og_locale":"en_US","og_type":"article","og_title":"Namibia borrows N$29m daily","og_description":"As finance minister Iipumbu Shiimi is preparing to table the 2023\/24 budget in the National Assembly on Wednesday, the c ...","og_url":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily","og_site_name":"Namibia","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-02-20T17:47:34+00:00","article_modified_time":"2023-02-20T17:57:52+00:00","og_image":[{"width":720,"height":480,"url":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Namibia borrows N$29m daily","datePublished":"2023-02-20T17:47:34+00:00","dateModified":"2023-02-20T17:57:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily"},"wordCount":793,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg","keywords":["africa press","Africa Press-Namibia","namibia"],"articleSection":["all news","economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily","url":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily","name":"Namibia borrows N$29m daily - Namibia","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg","datePublished":"2023-02-20T17:47:34+00:00","dateModified":"2023-02-20T17:57:52+00:00","author":{"@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"As finance minister Iipumbu Shiimi is preparing to table the 2023\/24 budget in the National Assembly on Wednesday, the c ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#primaryimage","url":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg","contentUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676902658.67.jpg","width":720,"height":480,"caption":"Namibia borrows N$29m daily"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-borrows-n29m-daily#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/namibia\/"},{"@type":"ListItem","position":2,"name":"Namibia borrows N$29m daily"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/namibia\/#website","url":"https:\/\/www.africa-press.net\/namibia\/","name":"Namibia","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/39823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/comments?post=39823"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/39823\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media\/39822"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media?parent=39823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/categories?post=39823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/tags?post=39823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}