Finance Minister Iipumbu Shiimi

29 Apr

China debt relief not on the table-Shiimi

ObserverObserver MoneyChina, Covid-19, Finance Minister Iipumbu Shiimi

Staff Writer Finance Minister Iipumbu Shiimi says government has not considered appealing for debt relief from China, in light of the increased financial burden that the emergence of COVID-19 has had on government coffers. This comes as government has continued to dig deep to fund various grants to assist those that have been hardest-hit by the effect of COVID 19 such as businesses and workers in tourism, construction and other service sectors. “It is not something that we have looked at and we don’t have a government position on that,” the finance minister said. Of the N$93 billion that government…

Unions reject proposed wage cuts

ObserverObserver MoneyCovid-19, Finance Minister Iipumbu Shiimi

Staff Writer Government is setting itself up for a fight with unions if it moves ahead to implement any wage cuts for its 100 000 strong civil service as proposed by Finance Minister Iipumbu Shiimi, when he announced the COVID-19 Economic Stimulus Package this week. According to the proposal put forward by Shiimi, government and business owners will be allowed to negotiate a temporary 20 percent reduction of salaries and wages during the crisis period, and 40 percent for the worst-hit industries, such as the tourism, hospitality, travel and aviation sectors, as part of efforts to avoid major retrenchments and…