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Finance Minister meets financial sector leaders on budget

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The Minister of Finance and Public Enterprises, Iipumbi Shiimi, engaged key industry players in the financial sector to discuss the implications of the recently tabled national budget. 

The focus of the discussion was on unlocking opportunities and creating an environment conducive for businesses to flourish.

One of the key highlights of the budget includes the allocation of funds towards essential public goods such as infrastructure, electricity, and roads.

Economic recovery is not expected to address pervasive challenges - Shiimi

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Finance and Public Enterprises Minister Iipumbu Shiimi says the projected economic recovery is not expected to address pervasive and entrenched national challenges.

Tabling the national budget, Shiimi said it is therefore urgent that Namibia's economy be diversified.

With the domestic economic outlook having improved significantly, gross domestic product growth was estimated at 5.6% in 2023, before moderating to 4% in 2024 and 3.9% in 2025.

Public Debt Servicing Bill increases

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The Public Debt Servicing Bill has increased beyond the levels anticipated in the National Budget.

Finance Minister Iipimbu Shiimi says this is commensurate with a rising debt portfolio coupled with the prevailing tight financial conditions.

Shiimi pointed out that, as a result, interest payments have increased by N$1.7 billion to N$11.8 billion for the 2023–2024 financial year.

This equals 15% of the projected revenues for this financial year.