Shiimi lauds private-public cooperation in fighting COVID-19
Finance Minister, Iipumbu Shiimi said that he is content with the response he has seen from all Namibians from both the private and public sector who continue to embark on fighting COVID-19 as a united front.
Shiimi said this during the Capricorn Group/EY 2020 Budget Review Discussion, an online live social media broadcast discussing and reviewing Namibia’s 2020/2021 Budget held this week.
“The pandemic’s impact is something we have never seen before, and as a result, it requires a united front,” said Shiimi.
Bank Windhoek’s Managing Director, Baronice Hans, echoed Shiimi’s sentiments, saying that despite the negativity that goes with this pandemic, there is an opportunity to rethink how business is done.
“A good story for Namibia will be if we can come out of this stronger and better,” said Hans. “We need to work together as a country; to weather the storm and remain positive.”
During the debate, Shiimi said that these are unprecedented times and that the national Budget is in consideration of the situation.
With Bank Windhoek’s Chief Financial Officer, James Chapman as the moderator, the Capricorn Group/EY 2020 Budget Review Discussion featured Bank Windhoek’s MD, Hans; EY Namibia’s Managing Partner, Cameron Kotze and Capricorn Asset Management’s Chief Economist, Floris Bergh.
The panellists engaged Shiimi on financial matters as they reflected on the Budget.Bergh touched on the adverse effects of COVID-19 on the Namibian economy and highlighted how the Namibian Budget is affected from an economist’s point of view. He forecasted a challenging economic environment as the Government’s revenue would be less due to the pandemic.
Kotze spoke on the tax implications for both the individual and businesses. He pointed out the benefits of a reduction in tax, the Integrated Tax Administration System, and royalties. He also commended the minister for not introducing new taxes.