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Namibia: Budget Passed
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The Namibian (Windhoek)
2 May 2008
Posted to the web 2 May 2008
Christof Maletsky
Windhoek
THE National Assembly has passed the 2008-9 National Budget, which allocates around N$512 million for war veterans' allowances.
The Budget has now been referred to the National Council while the National Assembly has gone into recess until June 3.
This year's Budget reflects one of the largest expansions since Independence, with plans for the Government to go on an unprecedented spending spree in the coming three years.
It also indicates that after two years of surpluses Namibia's public finances will return to a budget deficit again in the 2008-09 financial year as Government boosts spending at a rate never seen since Independence.
Once the Budget has sailed through the National Council, old-age pensions will increase to N$450 a month - from N$370 a month - while war veterans will receive a monthly allowance of N$2 000.
It is budgeted that over the next three years, N$2,3 billion will be spent on old-age pensions, while N$785 million will be spent on grants paid to orphans and vulnerable children and N$512 million on war veterans' allowances.
The main beneficiaries of the Budget are war veterans, pensioners, people living on social grants, some State-owned enterprises, Namibia's military and the development of the country's infrastructure.
This year N$2,3 billion is to be spent on defence - N$689 million more than the previous financial year.
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It represents an increase of 41 per cent in defence spending compared to the 2007-08 financial year.
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