Economic and infrastructure sector allocated quarter of 2024/25 budget

OPUWO: Finance and Public Enterprises Minister Iipumbu Shiimi presented an N.dollars 100 billion budget to the National Assembly on Wednesday for the fiscal year 2024/25, with more than 20 per cent of the budget dedicated to economic and infrastructural development.

Shiimi stated that the budget makes specific provision for infrastructure development to close infrastructure gaps and give greater impetus to Namibia’s economic growth objectives while tabling the budget in the National Assembly under the theme ‘Continuing the Legacy of President Hage Geingob by Caring for the Namibian Child.’

‘In this regard, a total of N.dollars 20.9 billion in FY2024/25 and some N.dollars 58.9 billion over the Medium Term Expenditure Framework (MTEF), inclusive of projects funded through external loans, has been allocated to the sector ministries responsible for carrying out the construction of infrastructure and implementation of economic policies. Collectively, these make up 23.9 per cent of the total budget,’ noted Shiimi

According to the finance minister, Transport will receive a total of N.dollars 5.1 billion, including N.dollars 1.9 billion in projects funded by external loans and grants.

In addition to accelerating railway network upgrades, Shiimi stated that the funding will include N.dollars 1.8 billion for the completion of ongoing road development projects.

A budget of N.dollars 431 million has been set out for airport infrastructure in FY2024/25. The vote will get N.dollars 14.5 billion under the MTEF.

The minister announced that N.dollars 1.9 billion has been allocated to Agriculture and Land Reform in FY2024/25. This includes N.dollars 50 million for land purchases to support generational farm workers and N.dollars 87 million for improving animal health and marketing in communal areas.

Furthermore, Shiimi boosted the Ministry of Industrialisation and Trade budget by 31.7 per cent to N.dollars 365.5 million this year, for a total of N.dollars 1.2 billion over the MTEF, to assist SMEs and domestic economic acti

‘In this context, funding has been allocated to the Equipment Aid Scheme, Start-Up Namibia and EMPRETEC Namibia to facilitate domestic trade activity and build domestic entrepreneurship capacity, especially for SMEs. Furthermore, we have made financial provision for increased funding to the Namibia Standards Institute and the Namibia Competition Commission, as well as an increase in the development budget for various capital projects to support entrepreneurial activities nationwide,’ he added.

Source: The Namibia Press Agency