Finance minister – Windhoek Observer

12 May

Matching your insurance to a tight budget

ObserverUncategorisedFinance minister, Namibia

Staff Writer In tough times the temptation to cut spending, especially on insurance costs, can become overwhelming. As the budget squeezes, insurance is usually the first casualty. Maintaining essential cover in tough times, however, can save money and avoid unforeseen losses, especially when there is simply no more cash in the kitty. We live in a time of plummeting national income, increased administration costs, and every likelihood of an increased individual tax burden. In these tough times, just as the Finance Minister is taking a good, hard look at Namibia’s spending priorities, individual policyholders are encouraged to do the same…

25 Mar

Namibia gets N$1.5 billion AfDB loan …as planned use is questioned

ObserverObserver MoneyAfrica Development Bank (AfDB), Finance minister, Iipumbu Shiimi

Andrew Kathindi Africa Development Bank (AfDB) has approved a USD100.27 million (N$1.5 billion) to the Namibian government to address the impacts of the COVID-19 pandemic and help maintain Government’s welfare programmes. The approval of the loan to be repaid over 15 years on Wednesday 17 March 2021, follows a government request which was made in June last year. "As the country prepares for the post-pandemic era, the Government is pursuing reforms in a wide range of areas. The proposed Governance and Economic Recovery Support Programme (GERSP) operation is designed to support the Government's response and help to achieve inclusive post-pandemic…

19 Mar

It was not Emma Theofelus – Shiimi

ObserverObserver MoneyDeputy Information Minister, Emma Theofelus, Finance minister, Ipumbu Shiimi, value added tax (VAT)

Rose-Mary Haufiku and Kandjemuni Kamuiiri Finance Minister, Ipumbu Shiimi, said the decision to remove value added tax (VAT) on sanitary pads has nothing to do with the motion tabled by Deputy Information Minister, Emma Theofelus, two weeks ago. He said a decision had already been taken by the Finance ministry in January. “The removal of VAT on sanitary pads is not in any way linked to Emma Theofelus. It has got nothing to do with her. She brought her issue, but it was already in the budget,” Shiimi told the Windhoek observer . The revelation by Shiimi comes as Theofelus…

18 Mar

Shiimi tables declining budget … as sin tax is upped

ObserverObserver MoneyFinance minister, Iipumbu Shiimi, Medium-Term Expenditure Framework (MTEF)

Andrew Kathindi The national budget for the 2021/2022 financial year amounts to N$59.4 billion, Finance Minister, Iipumbu Shiimi, has announced. This is a 6.1 percent decline from the N$63.4 budget tabled last year. “Budget revenue is projected to decline by 6.1 percent to N$52.1 billion, from the estimated N$55.5 billion in 2020/21. This is largely due to the expected contraction in SACU receipts. Over the remainder of the MTEF, revenue is forecast to gather pace at an average rate of 4.8 percent as domestic economic activity and regional trade pick up,” said Shiimi. Of the tabled figure, N$53.9 billion is…

12 Mar

Air Namibia workers to get lump sum payment

ObserverObserver MoneyAir Namibia, Finance minister, Iipumpu Shiimi

Andrew Kathindi Air Namibia employees are set to receive a lump sum payment for their promised one year salary which government had committed to pay after the airline was placed under liquidation, Public Enterprises Minister, Leon Jooste, has confirmed. Air Namibia employees were informed by Bruni & Mclaren, the appointed liquidators of Air Namibia, that their last salaries will be paid at the end of March, and that any other amounts which they feel they may be entitled to should be submitted as claims to the liquidators. “The Air Namibia employees will receive their full severance packages from the liquidators.…

19 Feb

Government stands firm on Air Namibia liquidation

ObserverObserver MoneyAir Namibia, Finance minister, Government, Iipumbi Shiimi

Andrew Kathindi The Government is not backing down from its decision to voluntarily liquidate Air Namibia, after Finance Minister, Iipumbi Shiimi, yesterday (Thursday) defended government’s stance on the matter. “At this stage, the country’s economy can no longer afford to perpetually provide financial support to Air Namibia at the expense of supporting economic growth and critical social services. It is, therefore, with that consideration that government took a decision to file for the voluntary liquidation of Air Namibia,” said the Finance minister. This comes as Prime Minister Saara Kuugongelwa was also quoted by the local media saying government will not…

22 Oct

The 800 pound gorilla in the room

ObserverNational NewsFinance minister, Namibia Wildlife Resorts (NWR)

There is no doubt that Minister of Finance Iipumbu Shiimi has to drink from the dual poisoned chalices of taking on the Finance portfolio in the middle of a severe economic recession and then COVID-19. The 800-pound gorilla in the room is that after the smoke clears, there remains a budget deficit of N$17 billion. How will we fill that gap? The mid-year budget review announced yesterday is, at the end of the day, only a plan; it is not money in the bank. It declares what the government should earn and what it will spend in a particular period…

21 Oct

Economy to contract by 7.9 percent …as Gvt offers tax filing incentives

ObserverObserver MoneyBank of Namibia (BoN), Finance minister, Iipumbu Shiimi, Integrated Tax Administrative System (ITAS)

Andrew Kathindi Namibian economic activity is predicted to contract by 7.9 percent, about 0.1 percent more than the 7.8 percent the Bank of Namibia (BoN) had forecasted for 2020, in August this year. Finance Minister, Iipumbu Shiimi in his delivery of the mid-term budget review, said the contraction was, “ a historic high whose contours cut across all economic sectors.” “The pandemic induced deepest historic recession this year exacerbated this situation, with a fallout on businesses, jobs, per capita income and public revenue.” Shiimi further said, “While the worst impact of the pandemic appears to have abated, its impact on…

10 Jul

Govt to find sources for sovereign wealth fund

ObserverObserver MoneyFinance minister, Iipumbu Shiimi, sovereign wealth fund

Andrew Kathindi The Finance ministry has indicated that it will soon begin the process of looking for sources of funding for the sovereign wealth fund proposed by Finance Minister, Iipumbu Shiimi. A sovereign wealth fund is a fund owned by the state tasked with managing a nation’s savings. It is typically composed of various investments. This comes as the Finance ministry submitted a proposal to cabinet for its establishment. This proposal was approved last month. Finance Ministry Spokesperson, Tonateni Shidhudhu, stated that the aim of the will be to strengthen the national responsiveness capacity to mitigate the negative impacts of…

19 Jun

Shiimi applauds private sector COVID-19 efforts

ObserverObserver MoneyBank Windhoek, Baronice Hans, Finance minister, Iipumbu Shiimi

Staff Writer Finance Minister, Iipumbu Shiimi, said that he is content with the response he has seen from all Namibians from both the private and public sector who continue to embark on fighting COVID-19 as a united front. He said this during the Capricorn Group/EY 2020 Budget Review Discussion, an online live social media broadcast focused on discussing and reviewing Namibia’s 2020/2021 Budget recently tabled in the National Assembly. “The pandemic's impact is something we have never seen before, and as a result, it requires a united front,” said Shiimi. Bank Windhoek's Managing Director (MD), Baronice Hans, echoed Shiimi’s sentiments.…