{"id":66293,"date":"2024-04-09T17:38:00","date_gmt":"2024-04-09T17:38:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/finance-ministry-motivates-n8-1b-budgetas-psemas-reform-progress-at-50-to-ensure-sustainability"},"modified":"2024-04-09T18:11:27","modified_gmt":"2024-04-09T18:11:27","slug":"finance-ministry-motivates-n8-1b-budgetas-psemas-reform-progress-at-50-to-ensure-sustainability","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/finance-ministry-motivates-n8-1b-budgetas-psemas-reform-progress-at-50-to-ensure-sustainability","title":{"rendered":"Finance ministry motivates N$8.1b budget\u2026as Psemas reform progress at 50% to ensure sustainability"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Last week, the finance and public enterprises ministry presented its N$8.1 billion budget to Parliament for consideration and approval. Deputy minister Maureen Hinda-Mbuende moved the ministry\u2019s budget for it to reach financial targets for the 2024\/2025 fiscal year.<\/p>\n

The ministry oversees the central government finances, coordinating the national budget, managing financial markets, formulating consumer legislation, and developing tax policy.<\/p>\n

During her motivation, Hinda-Mbuende noted the Public Service Medical Aid Scheme (Psemas) has been allocated N$2.9 billion.<\/p>\n

\u201cThis allocation is deemed critical, as reforms are underway to enhance the management of the fund and ensure its long-term sustainability. The allocation to Psemas underscores the ministry\u2019s commitment to providing quality healthcare benefits to public service employees and their dependents,\u201d said the deputy minister.<\/p>\n

According to her, Psemas plays a vital role in ensuring access to essential medical services for government workers, contributing to their overall well-being and productivity.<\/p>\n

Furthermore, the significant allocation to Psemas comes at a pivotal time when reforms are being implemented to improve the management and financial sustainability of the scheme.<\/p>\n

These reforms are aimed at enhancing efficiency, reducing operational costs, and strengthening governance mechanisms to safeguard the integrity of the fund.<\/p>\n

Furthermore, the 2024\/25 to 2026\/27 medium-term expenditure framework (MTEF) stated that progress on Psemas reforms for 2024\/25 is estimated to be at 50%.<\/p>\n

The document added that the finalisation of the Psemas immediate and medium to long-term reforms aimed at reviewing the governance structure as well as the design of benefit structure for Psemas is well underway.<\/p>\n

Thus far, the ministry managed to collect about N$23 million in Psemas arrear contributions.<\/p>\n

Other ministerial allocations include N$58 million, earmarked towards the establishment of a one-stop border post at the Trans Kalahari border post, alongside the construction of an administration block at the Katima Mulilo Border Post.<\/p>\n

This investment, Hinda-Mbuende said, is crucial in facilitating smoother trade movement, reducing clearance times, and enhancing efficiency at key border crossings, ultimately fostering regional integration and economic development.<\/p>\n

In addition, an amount of N$1 billion is proposed to be allocated to the Namibia Revenue Agency (NamRA), which has been commended for its record revenue collection.<\/p>\n

Also, some N$50 million was allocated to the Central Procurement Board of Namibia (CPBN), of which N$6.5 million is proposed for activities of the Public Procurement Review Panel, with an allocation of N$181 million earmarked for political parties.<\/p>\n

Furthermore, some N$692 million has been allocated for subsidy payments to several commercial public enterprises (PEs), which includes TransNamib (N$300 million), Roads Contractor Company (N$55 million), Namibia Industrial Development Agency (N$30 million), Namibia Institute of Pathology (N$107 million), Meatco (N$100 million), as well as Agro-Marketing and Trade Agency (N$72 million).<\/p>\n

\u201cThese subsidy payments are aimed at providing financial support to PEs for various purposes, such as infrastructure development, capacity-building and operational expenses. Each allocation is tailored to address the specific needs and priorities of the respective PEs, ensuring they have the necessary resources to fulfil their mandates and contribute to the socio-economic development of Namibia,\u201d the deputy minister explained.<\/p>\n

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

Africa-Press – Namibia. Last week, the finance and public enterprises ministry presented its N$8.1 billion budget to Parliament for consideration and approval. Deputy minister Maureen Hinda-Mbuende moved the ministry\u2019s budget for it to reach financial targets for the 2024\/2025 fiscal year. The ministry oversees the central government finances, coordinating the national budget, managing financial markets, […]<\/p>\n","protected":false},"author":84,"featured_media":66292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,12],"tags":[234,236,233],"class_list":["post-66293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-policy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nFinance ministry motivates N$8.1b budget\u2026as Psemas reform progress at 50% to ensure sustainability - Namibia<\/title>\n<meta name=\"description\" content=\"Last week, the finance and public enterprises ministry presented its N$8.1 billion budget to Parliament for consideratio ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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