Nedbank hosts economic review of the 2024/2025 national budget
Nedbank Namibia convened the business community of Swakopmund and Walvis Bay last week on Friday to delve into the intricacies of the recently tabled 2024/2025 national budget by the Minister of Finance and Public Enterprises, Ipumbu Shiimi.
In her opening address, Martha Murorua, Managing Director of Nedbank Namibia, emphasized the bank’s commitment to aligning with the socio-economic objectives outlined in the national budget.
“We acknowledge that every dollar lent to our clients holds the potential to deliver value beyond their immediate financial needs. Therefore, we collaborate with our clients to leverage our collective resources and expertise in identifying commercial opportunities that address the various socio-economic challenges confronting our Land of the Brave,” Murorua remarked.
Oscar Capelao, Deputy Executive Director of the Ministry of Finance and Public Enterprises, elaborated on the tax proposals embedded within the national budget during the event.
“We have maintained a policy stance against considering new tax policy proposals, particularly those that could impede economic recovery and compromise emerging growth prospects. Broadly, our stance remains the same, with this budget focusing on specific tax policy proposals aimed at providing relief to taxpayers, boosting domestic demand, broadening the tax base, and enhancing the competitiveness of the tax system to attract investments and stimulate private sector development,” Capelao elucidated.
Salomo Hei from High Economic Intelligence Namibia delivered a brief presentation on Namibia’s Economic Landscape, offering recommendations based on the budget statement.
“We should prioritize areas such as digitalization to enhance productivity growth and green investment to bolster resilience in renewables and promote energy conservation under enabling legislation,” Hei suggested.
The event also featured a panel discussion exploring the implications of the budget allocation. Moderated by Elizabeth Manasse, Managing Partner of Sequoia Tax and Legal Advisory, the panel included esteemed figures such as Chantell Husselmann, PwC Namibia Country Senior Partner; Dr. Bernie Zaaruka, Bank of Namibia Technical Expert; and Sanet Steenkamp, Executive Director of the Ministry of Education, Arts and Culture.
The panelists engaged in an enlightening exchange, offering diverse perspectives and insights on the critical issues raised. Sanet Steenkamp emphasized the necessity of investing at the foundational level of education and implementing targeted intervention strategies to address pertinent challenges.
The event provided a platform for robust discussion and collaboration among key stakeholders, reflecting Nedbank Namibia’s commitment to fostering economic dialogue and progress within the region.
