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26.01.2017 12:48 Age: 2 yrs
By: MunicipalPillars

MELTDOWN: Finance Minister seeks to calm nerves

The total expenditure for the current financial year was revised downward by N$4.5 billion to N$61.49 billion as a measure to align the budget to the revised economic and revenue outlook.

Finance Minister Calle Schlettwein today admitted that low regional economic and trade performance in the past year especially between Namibia’s main trade partners of South Africa and Angola; depressed commodity prices, a severe drought and significant shocks to public revenue which necessitated targeted expenditure cuts, has put pressure on the economy.

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