SLOW execution of Government projects, coupled with Sacu income and better collection of revenue, meant that Namibia’s deficit at the end of October was only 0,7% of its gross domestic product (GDP), Bank of Namibia (BoN) Deputy Governor Ebson Uanguta said yesterday.
However, the BoN expects Government to speed up expenditure during the remainder of its financial year, which concludes at the end of March, and the central bank is sticking to its forecast that the budget deficit for 2012-13 will be 4,6% of GDP. Financial Year
Commenting on why ministries are dawdling to spend their development budgets, Uanguta said the issue of slow execution is “not a new phenomenon”. Budget Deficit
The Fourth National Development Plan (NDP4) has measures in place to counter the problem, he said.
“But it will not happen overnight,” Uanguta said.
Income from the revenue-sharing pool of the Southern African Customs Union (Sacu) boosted foreign reserves during the third quarter on 2013, he said.
By the end of October, Namibia’s stock of international reserves were US$1,7 billion, or N$15,1 billion.
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