Windhoek, April 01 – The President of the Republic of Namibia, Dr Hage Geingob has announced that the government has formulated an Economic Stimulus and Relief Package to mitigate the negative economic impact cause by the COVID-19 outbreak in the country. This is in response to the hardship that the country now faces because of the pandemic and the lockdown proclaimed by the president a few days ago.
According to the Finance Minister, Iipumbi Shiimi, the Relief Package will amount to N$ 8.1 billion. N$ 5.9 billion will be a direct support to businesses, households and cash-flow acceleration of payments for services rendered to Government and N$ 2.3 billion for additional support.
The government plans to use these funds to accelerate repayment of overdue and undisputed VAT refunds to enhance the cash flow of enterprises. In addition, government also plans to speed up the payment of enterprises that are suppliers to government. The overall aim of the relief package is to support the business sector and households with job retention, cash flow of small businesses in agriculture and other sectors and continued productive economic activities
Compiled by Joseph Tobias
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