{"id":5064,"date":"2021-11-10T13:21:16","date_gmt":"2021-11-10T13:21:16","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-exceeds-interest-payment-benchmark"},"modified":"2021-11-10T15:01:26","modified_gmt":"2021-11-10T15:01:26","slug":"namibia-exceeds-interest-payment-benchmark","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-exceeds-interest-payment-benchmark","title":{"rendered":"Namibia exceeds interest payment benchmark"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Namibia\u2019s interest payments on debt as a percentage of revenue increased from 11.9% to 13.2% in the 2020\/21 financial year. The current level of interest payments exceeded the statutory benchmark of 3.9% of gross domestic product (GDP), and 10% of the revenue set out in the Debt Management Strategy 2018-2025.<\/p>\n

This information was revealed by Iipumbu Shiimi minister of finance during last week\u2019s mid\u2013year budget review for the FY2021\/22 and fiscal policy statement FY2022\/23 to FY2024\/25 Medium Term Expenditure Framework (MTEF) in the National Assembly.<\/p>\n

The finance minister also noted that government guarantees increased from 6.3% of GDP in FY2019\/20 to 7.1% of GDP in FY2020\/21. \u201cThe increase in interest payments is due to significant increase in borrowing to fund the budget deficit, resulting from the outbreak of Covid-19,\u201d stated Shiimi.<\/p>\n

According to him, total revenue and grants for FY2020\/21 is recorded at N$57.8 billion, representing a decrease of 1%, compared to N$58.4 billion realised in FY2019\/120.<\/p>\n

\u201cThe decrease in revenue was recorded in the main tax categories of income tax on individuals that decreased by 2.7%, value added tax (VAT) fell by 24.9%, other taxes on income and profits shrank by 23.2%, withholding tax on interest decreases by 18.1%, while other taxes income category fell by 10.6%. The only income category which showed strong growth was the taxes on international trade and transactions (SACU),\u201d indicated Shiimi.<\/p>\n

He further noted that total expenditure was recorded at N$72.0 billion for FY2020\/21, representing an increase of 7%, compared to FY2019\/20. The increase in expenditure arose mainly from increases in goods and other services category, which increased by 30.3%, compared to the previous year, mainly due to high spending needs to fund Covid-19-related activities. Personnel expenditure remained relatively stagnant, growing by merely 0.3%, while development expenditure increased marginally by about 0.08%, compared to 2019\/20.<\/p>\n

Given a decrease in revenue and increase in expenditure, the budget deficit increased from 5% to 8%, while the country\u2019s total debt stock rose from N$100.4 billion in FY2019\/20 to N$110.6 billion in FY2020\/21. As a percentage of GDP, total debt increased from 56% to 62.1%.<\/p>\n

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

Africa-Press – Namibia. Namibia\u2019s interest payments on debt as a percentage of revenue increased from 11.9% to 13.2% in the 2020\/21 financial year. The current level of interest payments exceeded the statutory benchmark of 3.9% of gross domestic product (GDP), and 10% of the revenue set out in the Debt Management Strategy 2018-2025. This information […]<\/p>\n","protected":false},"author":84,"featured_media":5063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,2439,233,2440],"class_list":["post-5064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-exceeds","tag-namibia","tag-payment-benchmark"],"yoast_head":"\nNamibia exceeds interest payment benchmark - Namibia<\/title>\n<meta name=\"description\" content=\"Namibia\u2019s interest payments on debt as a percentage of revenue increased from 11.9% to 13.2% in the 2020\/21 financial ye ...\" \/>\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-exceeds-interest-payment-benchmark\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namibia exceeds interest payment benchmark\" \/>\n<meta property=\"og:description\" content=\"Namibia\u2019s interest payments on debt as a percentage of revenue increased from 11.9% to 13.2% in the 2020\/21 financial ye ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-exceeds-interest-payment-benchmark\" \/>\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=\"2021-11-10T13:21:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-10T15:01:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2021\/11\/img-618bdeaf6f43c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\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=\"2 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-exceeds-interest-payment-benchmark#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-exceeds-interest-payment-benchmark\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namibia exceeds interest payment benchmark\",\"datePublished\":\"2021-11-10T13:21:16+00:00\",\"dateModified\":\"2021-11-10T15:01:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-exceeds-interest-payment-benchmark\"},\"wordCount\":347,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-exceeds-interest-payment-benchmark#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2021\/11\/img-618bdeaf6f43c.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"exceeds\",\"namibia\",\"payment benchmark\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-exceeds-interest-payment-benchmark#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-exceeds-interest-payment-benchmark\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-exceeds-interest-payment-benchmark\",\"name\":\"Namibia exceeds interest payment benchmark - 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