Iipumbu Shiimi – Windhoek Observer

08 Aug

Tax threshold increase brings relief to homeowners

ObserverMainIipumbu Shiimi, Income Tax Act 24 of 1981

Martin Endjala Homeowners stand to benefit from the increase in the tax threshold from N$50 000 to N$100 000. This follows the presentation of proposed amendments to the Income Tax Act, 24 of 1981, in the National Assembly by finance minister, Iipumbu Shiimi this week. According to Josef Sheehama, an independent bank researcher and economist, homeowners will only have to pay tax on the amount that exceeds N$100 000. "This is a wise decision, even though government tax revenue will marginally decline. For those looking to purchase a home, this is welcome news because bond costs are expensive," he said.…

29 Mar

Credibility of Comalie’s Case Questioned

ObserverMainCredibility of Comalie’s Case Questioned, Iipumbu Shiimi

Steve Nashama The credibility of the arrest and the State’s case against Namcor Chairperson, Jennifer Comalie, has been called into question after it was revealed by the Minister of Finance and State Owned Enterprises , Iipumbu Shiimi that as early as last week she alerted him and the Minister of Mines, Tom Alweendo that she feared for her life. Comalie was arrested on Monday under suspicious circumstances in connection with dealing in drugs. She was subsequently granted bail yesterday afternoon in the amount of N$ 7000 when she made her first appearance in the Windhoek Magistrate’s Court. State Prosecutor Rowan…

06 Mar

Roll-out of green loans earmarked for youth entrepreneurs

ObserverNational NewsEnvironmental Investment Fund (EIF), Iipumbu Shiimi, Roll-out of green loans earmarked for youth entrepreneurs

Martin Endjala A green concessional loan facility, targeting youth entrepreneurs will be rolled out to the tune of N$72 million over the next 12 months and is expected to grow to N$300 million by the 2024/25 financial year. This was revealed by the Minister of Finance and Public Enterprises, Iipumbu Shiimi during his Financial Year 2023/24 National Budget as well as the Medium Term Expenditure Framework for FY2023/24 – FY2025/26 on 22 February 2023. During the 2023/24 financial year, the Environmental Investment Fund (EIF) through an Ecosystem-based Adaptation Project funded by the Green Climate Fund, will provide grants amounting to…

25 Feb

Old Age Grants must be based on the cost of living

ObserverEditoriale Disability Grant in Namibia, Iipumbu Shiimi, Old Age Grants must be based on the cost of living

Adding N$100 to the monthly Old Age Grant and the Disability Grant in Namibia, making the amount received N$1,400, does not make this year’s budget, as recently announced by Iipumbu Shiimi, Minister of Finance and Public Enterprises, a pro-poor budget. Instead, it is a ‘fit-it-in-so-we-can-claim-we-are-doing-something’ budget when it comes to having social grants that fit the actual cost of living in Namibia. With the Parliament’s public viewing gallery full of pensioners and a warm-hearted story about Minister Shiimi’s conversation with a village pensioner in his opening statement, he set the mood for the presentation of a caring, sensitive, effective social…

19 May

Public service wage bill to cost N$29 billion this year

ObserverObserver MoneyGovernment, Iipumbu Shiimi, Minister of Finance

Kandjemuni Kamuiiri It has emerged that Namibia will fork out a total of N$29 billion for salaries and benefits for its civil service this year, which translates into about N$2.4 billion monthly. According to the Minister of Finance, Iipumbu Shiimi, “annually we spend N$29 billion and if you divide that by 12 it would roughly be N$2,4 billion to N$2,5 billion monthly, same goes for last year. It’s more or less the same.” This revelation has raised concern whether Government could afford it considering its precarious financial position, with the minister maintaining that Government will still continue to honour bonuses,…

15 May

Ministers paid pennies – Shiimi

ObserverUncategorised089 185 per annum, Iipumbu Shiimi, Ministers paid pennies - Shiimi, N$1

Kandjemuni Kamuiiri and Tujoromajo Kasuto Finance Minister, Iipumbu Shiimi, says Government has no plans to cut salaries of ministers as part of cost cutting measures as they are already paid pennies compared to managers in the private sector. This is in response to whether ministers will be taking salary cuts in solidarity with thousands of Namibians whose salaries were cut by half due to the economic strains brought on by the COVID-19 pandemic. “Government employees don’t get paid much compared to the private sector. We have discussed it but it will not be considered because it would not be beneficial…

12 May

Namibia secures N$1.8 billion German loans

ObserverObserver MoneyGerman Ambassador, Germany, Herbert Beck, Iipumbu Shiimi, Minister of Finance, Namibia

Kandjemuni Kamuiiri Namibia and Germany on Tuesday signed a N$ 1.8 billion loan agreement, which will fund three programmes in the areas of water, infrastructure and food production. Minister of Finance, Iipumbu Shiimi, and German Ambassador, Herbert Beck, signed the agreements on behalf of their respective countries. According to Shiimi, financing will be provided by interest-reduced loans in local currency, thereby securing favourable credit conditions for the Government of Namibia. “These projects will support the development of important water and other climate related infrastructure projects in Namibia, and the promotion of agricultural households and micro, small and medium-sized enterprises through…

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…

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…

13 Mar

Former SME Bank employees demand N$67m from Government

ObserverUncategorisedFormer SME Bank employees, Iipumbu Shiimi, Leon Jooste, N$67m

Andrew Kathindi Former employees of the now defunct SME Bank are demanding over N$67 million from Government in payment at the value of 12 months’ salary. According to the 208 former employees of the bank, the claim is supported by the recent decision by Finance Minister, Iipumbu Shiimi, to pay out Air Namibia employees’ salaries for one year. The SME Bank employees received their termination of service letters on 25 July 2017, with some only receiving accrued annual leave days, pro-rata bonuses, severance pay and five years long service award for those eligible. “There was no retrenchment package. Nothing at…