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‘We are facing serious challenges in mobilising financial resources’ – Schlettwein

‘We are facing serious challenges in mobilising financial resources’ – Schlettwein

The Finance Minister Calle Schlettwein at a Mid-Year Budget Review 2019/2020 session hosted at Avani Hotel on Wednesday, said government is facing serious challenges in mobilising the financial resources needed to maintain adequate and quality public services in the country.

Schlettwein urged the private sector and the general public to assist government in rebooting the economy, in “a spirit of openness and frankness.”

He added that there is a need to listen to all Namibians as the solutions are not solely the prerogative of government policy makers.

“We have come from a culture where in ‘times of trouble’ the default position has been to look to the government for solutions. This culture has to change and, we would encourage mutually beneficial partnerships between the government and the private sector to build a better Namibia for all. We need your support in these testing and challenging times,” the minister said.

Stressing that there is no space left for increased borrowing, Schlettwein said due to the depressed domestic market the country has limited potential for increased domestic revenues; and, with continued uncertainty over the economic situation in South Africa, SACU revenues are expected to be volatile over the short and medium terms.

“In this setting we need to learn to do more with less. We must seek opportunities for efficiencies in the way we allocate and spend public monies. Key to this is allocative efficiency which simply means that we use public funds to create maximum impact in terms of service delivery, encouraging economic growth, and, maintaining stability, peace and prosperity for all Namibians,” Schlettwein said.

Schlettwein delivered the Mid-Term Budget for the 2019/20 financial year in the National Assembly on 22 October, which analysts described as stagnant.


 

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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