FINANCE MINISTER TO TABLE NAMIBIA’S MID-YEAR BUDGET IN OCTOBER

Namibian Finance Minister Calle Schlettwein says he will table the mid-year budget review for 2016 in the National Assembly by the end of October.

Schlettwein disclosed this at a media briefing here Tuesday regarding the Fitch credit rating report which revised Namibia's economic outlook from stable to negative.

The mid-year budget review serves to provide a review of the half-year budget execution and to identify potential savings and resource shortfalls and proposed resource re-allocations. The minister will also propose the fiscal framework and government spending priorities for the next medium-term expenditure framework (MTEF).

"With the subdued outlook on economic growth and revenue, the emphasis on the policy response action will be on the expenditure side to ensure that we live within our means, doing more with less and to improve the quality of spending, without relenting on initiatives to improve revenue performance," Schlettwein said.

He added that the analysis of the 2016/2017 budget and MTEF was currently underway, with specific proposals on spending cuts. Schlettwein stressed that the cuts would include the freezing and suspension of funds for new recruitment for the civil service without jeopardising opportunities for school leavers to find employment; non-priority development projects that have been delayed; and further reduction of budgets in non-essential areas of the operational budget over the MTEF.

"We are developing proposals to better leverage state assets through public private partnership (PPP) and equity participation," he said.

Source: NAM NEWS NETWORK