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Finance / Page 16
Ministries Urged Against Returning Unspent Funds
By: Justicia Shipena The United Nations International Children’s Emergency Fund (Unicef) representative to Namibia, Samuel Kweku Ocran, has called on government ministries to refrain from returning unspent funds to the treasury, stressing that such returns negatively impact the achievement of budget objectives. Ocran highlighted the essential role of parliament in ensuring that approved budgets […]
SOEs Bailouts Impacting Social Investments, says Shiimi
By: Justicia Shipena Finance and Public Enterprise Minister Ipumbu Shiimi has expressed concern that the continuous financial bailouts provided to state-owned enterprises are diverting resources from essential social investments. Shiimi raised the concern as he presented the mid-term budget review in the National Assembly yesterday. The review follows the 2023/24 National Budget that Shiimi tabled […]
Repo Rate Expected to Remain Unchanged, Experts Predict
By: Justicia Shipena The Bank of Namibia (BoN) is expected to maintain the interest rate at its current level when it announces the repo rate today, following the lead by its South African counterpart. BoN’s Monetary Policy Committee (MPC) raised the repo rate by 50 basis points to 7.75% in June this year, a move […]
Auditor General Raises Concerns OverKavango East Regional Council’s Finances
By:Annakleta Haikera The Auditor General, Junias Kandjeke, has identified several concerns related to the financial records of the Kavango East Regional Council for the fiscal year ending in March 2019. In granting the regional council an adverse audit opinion, Kandjeke found that the financial reporting framework employed by the Kavango East Regional Council is not […]
Kandjeke Issues Disclaimer Audit Opinion for Opuwo Town Council
By: Uakutura Kambaekua – OPUWO AUDITOR General Junias Kandjeke has released a disclaimer audit opinion for the Opuwo Town Council for the financial years ending on June 30, 2019/20 and 2020/21. This decision came after the council failed to provide sufficient and credible evidence to assess the audited statements. The Town Council’s latest audit report […]
Africa Development Bank Pumps N$9 Million Into Namibia
By:Hertha Ekandjo Namibia has secured a N$9 million grantfrom the Africa Development Bank (AfDB) to kickstart putting together of the country’s Investment Plan for the design of its Nature, People and Climate (NPC) Programme. The funding was secured through the Climate Investment Fund (CIF) from various multilateral development banks, which are AfDB, World Bank and […]
Central Bank Reprimands Commercial Banks Over Profit Shifting
By:Shipena The Bank of Namibia (BoN) has issued a stern warning to commercial banks over profit shifting. “Banks were informed that the Bank of Namibia will not entertain profit shifting and transfer pricing practices, which are done via service level agreements with the parent institution,” said central bank Governor Johanness !Gaxawab. He said this at […]
Economic Growth Projections Hold Steady Amidst Policy Changes
By: Justicia Shipena Despite tightening monetary policy, Namibia will meet its economic growth forecasts this year, according to Floris Bergh, Chief Economist at Capricorn Asset Management. This comes as Namibia’s central bank chose to maintain the monthly policy rate at 7.75% for the next two months following periods of hikes. The Bank of Namibia (BoN) […]
Access to Deposits Preserved Despite Trustco Bank’s Suspension
By:Justicia Shipena Despite the Bank of Namibia’s (BoN) temporary suspension of Trustco Bank, clients would retain access to their deposits. Trustco Bank’s ability to function as a financial institution was suspended with immediate effect by BoN on Friday. The suspension came after the central bank met with the Minister of Finance and Public Enterprises, Ipumbu […]
All Eyes On BoN: To Raise Or Not To Raise
By:Justicia Shipena The Bank of Namibia (BoN) Monetary Policy Committee (MPC) is expected to announce its decision on the repo rate on Wednesday as inflation has slowed. This comes amidst questions of whether the BoN will follow South Africa’s lead and pause interest rate hikes. The MPC in June this year raised the repo rate […]