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Finance Minister announces Mid-Year Budget Review in the National Assembly
Minister of Finance, Hon. Calle Schlettwein
The Minister of Finance, Hon. Calle Schlettwein yesterday delivered his mid-year budget review speech in the National Assembly. The mid-year budget review is a fiscal proposal to ensure internal efficiency by re aligning already appropriated financial resources and not an additional budget proposal.
Given the economic headwinds recently experienced by the country, Hon. Schlettwein cautioned against excessive spending. The social services sector received a boost from the reallocated funds. According to the Minister, this is appropriate to achieve shared prosperity and equitable distribution of wealth and income in pursuance of the goals of vision 2030 and the Harambe Prosperity Plan. Namibia is the second highest unequal society in the world with a Gini – co effiencint of 0.56.
Funds were re-allocated as follows:
- Ministry of Basic Education, Art and Culture – N$236.9 million meant for implementation of new curriculum and recruitment of teachers.
- Ministry of Higher Education, Training and Innovation – N$189.3 million to support programs of higher learning and training.
- Ministry of Health and Social Services – N$175.1 million meant for intake of health professionals and the special fund and procurement of pharmaceuticals under NIP.
- Ministry of Veterans Affairs – N$99.8 million for monthly Veterans grant.
- Ministry of Finance – N$272 million for contribution to pension fund, financial Intelligence centre and Contingency Fund to cater for needs arising from 2018 Land conference resolutions and drought relief commitments.
- Auditor General – N$4 million for audit expenses
- Judiciary – N$5 million for expenses on professionals in the cluster
- Attorney General – N$5 million for expenses on professionals for Prosecutor General
- Ministry of Safety and Security – N$50 million for utilities, rental and other expenses
- Ministry of Defence – N$124.5 million meant for utilities and transport related expenses
- Ministry of Information and Communication Technology – N$99.7 million allocated for NBC operational expenses
- Department of Works – N$27.8 million meant for rental fees
- Ministry of Youth, National Service, Sport and Culture – N$1.8 million for international sports commitments.
- Electoral Commission of Namibia – N$9.8 million for mobile voter registration facilities.
Namibia’s total budget for the financial year 2018/19 stood at N$65 billion.