IMG 9197Hon Calle Schlettwein, Minister of Finances, presented 2017/2018 Budget Statement in Parliament, 09 March 2017

(...) I have the honour to table the FY2017/18 Budget, a third under the administration of His Excellency, President Dr Hage Geingob.

This budget is presented at a time when we need to rededicate our efforts towards the values and objectives of our democracy in a unitary, developmental State. The Namibian economy is emerging from a perfect storm. Externally, we had to deal with the impact of the commodity price crash, a slowing global economy and low growth in large neighbouring economies. We experienced a severe drought during the last three consecutive years, with negative effects not only in the agricultural sector, but also in wet industries and the construction supply chain. Liquidity came under pressure due to weak market confidence and consequently, a tight cash flow situation. Economic growth has slowed in 2016 to an estimated 1.3 percent.

Despite these developments and, the slow economic recovery in Namibia’s main trading partners, the weak growth in commodity prices and increasing uncertainty in the global geopolitical environment, the medium-term prospects for our economy have started to look better. Growth is projected to be 2.5 percent in the coming financial year and average approximately 3.5 percent over the MTEF.

Honourable Speaker, we have also rebalanced our public expenditure in line with the revised macroeconomic outlook and public revenue estimates, thereby putting public finances on a more sustainable path. The budget before you reflects this and establishes the new norm of closely aligning expenditure to revenue.

Please, click here to download the complete Budget Statement 2017/2018

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