Food, Agriculture and Natural Resources Policy Analysis Network (FANRPAN) Food, Agriculture and Natural Resources Policy Analysis Network (FANRPAN)

Namibia:  2010/11 budget statement
Presented by the Hon. Saara Kuugongelwa-Amadhila (Minister of Finance)
30 March 2010

Acknowledgements: FANRPAN acknowledges The Namibian Ministry of Finance as the source of this document

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Opening remarks

Honourable Speaker of the National Assembly,
Honourable Members of the National Assembly,

I am honoured to present to this House the Appropriation Bill for 2010/11, the first under the new SWAPO Party Government under the able leadership of President Pohamba, and the Medium Term Expenditure Framework for 2010/11 to 2012/13.

Further, I wish to congratulate SWAPO Party and President Hifikepunye Pohamba for an overwhelming election victory during the recent Presidential and National Assembly Elections. May I also congratulate all the members of Parliament for receiving the honour of being elected to represent our people in this August House. Our people have high expectations of us, more especially in the current circumstance where the global economic down turn has unfortunately rolled back some of the advances we have made in accelerating economic growth and development and therefore dampening prospects for greater advances in achieving the millennium development goals.

I have no doubt that we shall all make our maximum contribution to ensure that our country recovers the gains lost through the effects of this crisis, and to put our economy back on the high growth trajectory. Such commitment should reflect in the debate on the budget that I lay on the table in the House today if we are to live up to the expectations that our nation has of us.

May I also congratulate the Namibian people for having achieved two decades of peace, democracy and prosperity.

Honourable Speaker,
Honourable Members of the House,

Last year, I tabled an expansionary budget geared at weathering the economic storm created by the global economic crisis and consolidating the foundation for a long-term sustainable growth in line with Vision 2030. Such an expansionary budget was made possible by the successive years of successful fiscal policy management. Alongside an expansionary budget, we also extended generous tax concessions to individuals and business. This maintained investments and welfare conditions of citizens, mitigating the impact of the crisis on the real economy and standard of living. Thanks, in part, to this counter-cyclical fiscal strategy of our government, our economy has managed to ride out the economic storm and the prospects over the MTEF are now more favourable.

However, the recovery is still fragile and it needs to be nurtured. We are therefore continuing with the expansion over the MTEF in order to sustain the recovery and to put the economy on a path of a higher and sustainable growth, a growth that can take our country closer to the Vision 2030 goals.

In the 2009 SWAPO Party Election Manifesto, SWAPO Party committed to and, I quote:

“Consolidate monetary and fiscal policies geared towards promoting growth and employment creation, and to ensure forward and backward economic linkages of economic sectors and regions. Further, we promise to maintain prudent macroeconomic policies that are responsive to domestic, regional and international economic developments.”

Our proposed budget is a balanced approach aimed at securing and consolidating our fragile recovery on the one hand, and on the other to stimulate the economy to higher growth rates which in turn must translate into employment creation, poverty reduction and equitable wealth distribution.

Honourable Speaker,
Honourable Members of Parliament,

I shall now give an outline of the economic developments and outlook.

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