Namibia to spend $67m servicing foreign debts

WINDHOEK—The Namibian government will spend about US$67 million this year to service its foreign debt, that now stand at US$2.04 billion, which it owed to Germany, China and other international lenders. Finance Minister Calle Schlettwein this week said that 65 per­cent of the total foreign debt is owed to international issued bonds or the Eurobond, while the 30 percent is accrued from bilateral agreements with China and Germany. He said 10 percent was extended to…

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"Namibia to spend $67m servicing foreign debts"

FNB to discontinue safe custody

  In alignment with the bank’s increased focus on core services such as investments, insurance, transacting and lending, FNB Namibia has advised that the bank will discontinue its safe custody services. “The bank regularly evaluates the array of services it offers and has subsequently taken the decision to discontinue safe custody boxes from our regular service offering,” Tracy Eagles, Chief Marketing Officer of FNB Namibia Holdings said. All customers of the bank that have items…

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"FNB to discontinue safe custody"

Inside Namibia’s silo mentality

According to a Survey contacted by Mr Daniel Kavishe of FNB, the FNB/Fenate Travel Index recorded growth of 3,4% in 3Q15. However, “the tourism sector continues to face deep seated challenges due to: poor customer service from inexperienced and uninspired employees; lack of readily available capital for investment; the high costs of operations”. Assigning some weightings to the sector challenges, the highest weight of 0.38 was allocated to the staff issue. Using Hotels and Restaurants…

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"Inside Namibia’s silo mentality"

Budget: Economy gradually adjusting

2.5% growth projected Finance Minister Calle Schlettwein this afternoon tabled the 2017/18 National Budget, a largely successful attempt to align expenditure to revenue, while admitting the economy is now ‘emerging from a perfect storm.’ Economic growth has slowed in 2016 to an estimated 1.3 percent, owing to the impact of the commodity price crash, a slowing global economy and low growth in large neighbouring economies. This while, internally, Namibia has had to deal with a…

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"Budget: Economy gradually adjusting"

The paradox of fiscal stimulus in recession

A Budget Overview by Capricon Asset Management By Claudia Boamah, Economic Analyst (Capricorn Asset Management) According to the October 2016 Medium Term Economic Framework (MTEF) the main agenda of the 2017/18 Budget can be summarised as pro-growth fiscal consolidation. This objective might seem like a paradox because in times of recession, it is rather fiscal stimulus and not tightening that is required to revive the economy. Consequently, greater emphasis will likely be placed on priority…

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"The paradox of fiscal stimulus in recession"

Budget: From increasing retirement fund contributions to listing MTC

  Economists discuss Calle’s Super Wednesday Economic analysts expect more realistic fiscal policies and measures in order for government to rescue Namibia from its current financial crisis when Minister of Finance Calle Schlettwein announces the 2017/18 fiscal budget tomorrow, March 08. Ahead of tomorrow’s budget, Schlettwein has already reiterated his stance that fiscal consolidation is not only focusing on cutting expenditure but also on the improvement of domestic revenue sources by strengthening the tax administration combined…

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"Budget: From increasing retirement fund contributions to listing MTC"

Mobile Slaughter Unit thrills NCA Kavango farmers

Farmers in Kavango East have expressed their thanks for marketing opportunities through Meatco’s Mobile Slaughter Unit (MSU) since they have been without access to a commercial abattoir since Meatco restrategised its business model in the Northern Communal Area (NCA). The MSU recently began slaughtering Meatco Owned Cattle (MOC) as well as the animals of 29 other farmers who had registered to supply to the company. Despite their enthusiasm to use the MSU, many farmers had…

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"Mobile Slaughter Unit thrills NCA Kavango farmers"