WINDHOEK, MARCH 27 – The Minister of Finance, Hon. Calle Schlettwein has tabled the national budget totaling N$66.5 billion for the financial year 2019/20 in the National Assembly today, representing a 2.0 percent increase from the previous year, which stood at N$65 billion.
Delivering his statement in the National Assembly today, Hon. Schlettwein noted that the budget reinforces inter-linked fiscal policy actions being a growth stimulus package, continued reduction in the budget deficit and implementation of enabling structural policy reforms including investment promotion and tax reforms.
He further added that the budget which is aimed at motivating job creation and economic growth amid current economic headwinds, has increased the development budget allocation by 42 percent.
As part of this, N$290 million is allocated to the crop and horticulture programme of which N$96 million is targeted for the Green Scheme Programme. N$15 million is allocated for youth entrepreneurship projects in addition to the current N$9.5 million, to support youth employment and self-employment. Given the prevailing drought, N$100 million goes to the Emergency Fund bringing a total balance of N$304 million to this allocation in addition of N$204 million that was provided for contingencies. The old age pension also increased by N$50 to N$1250 per month.
The various allocations per sector are as follows, The Ministry of Basic Education got the highest budget location of – N$13.8 billion
Ministry of Health and Social Services – N$6.9 billion, Ministry of Defence – N$5.9 billion, Ministry of Safety and Security – N$5.6 billion, Ministry of Finance – N$4.4 billion, Ministry of Poverty eradication and Social Welfare – N$3.6 billion, Ministry of Works and Transport – N$3.4 billion, Ministry of Higher education, Training and Innovation – N$3.1 billion, Ministry of Rural Development – N$1.98 billion, Ministry of Agriculture, Water and Forestry – N$1.9 billion, Ministry of International Relations and Cooperation – N$941.3 million, Ministry of Home Affairs and Immigration – N$677.1 million, The Judiciary – N$368.4 million, Ministry of Industrialisation, Trade3 and SME Development – N$295 million, Contingency Fund – N$204 million, National Assembly – N$126.8 million, National Council – N$94.8 million.
Non-interest operational expenditure is budgeted at N$52.2 billion, while development budget is increased by 42.2 percent, to N$7.9 billion from the revised N$5.6 billion the previous year.