Tax experts have welcomed the decision by Finance Minister, Calle Schlettwein, to leave tax rates unchanged in the short term, saying such a move will act as a stimulant to the ailing economy.
Namibia is now more vulnerable to external shocks than before, due to limited monetary and fiscal policy space, an analysis of the economy by IJG Securities has revealed.
Finance Minister, Calle Schlettwein, says Government has no immediate plans to raise funds on the international markets.
Several economists who spoke to the Windhoek Observer this week were coy about the optimism expressed by President Hage Geingob and Finance Minister, Calle Schlettwein, who both said the ailing local economy was now on a recovery path.
Fresh from refusing to pump N$500 million of taxpayers’ money into the SME Bank for its continued existence, Finance Minister, Calle Schlettwein, warned on Thursday about stern measures to be taken on ministries and State-owned companies that abuse budget votes and then seek bailouts from Treasury.
Finance Minister Calle Schlettwein is leading an investigation to establish the work done by five foreign-based attorneys brought in by Attorney General Sackeus Shanghala to assist Government with genocide negotiations.
Treasury has released N$600 million towards settling unpaid Public Service Medical Aid Scheme (PSEMAS) service providers and other contractors’ bills that had been outstanding since the last financial year, Finance Minister, Calle Schlettwein, has said.
South African based economic think tank, NKC African Economics is bemused by the position of Minister of Finance, Calle Schlettwein who said that the recent upgrade by Fitch of Namibia’s national rating is “an indication that our fiscal stance and consolidation is paying off.”