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Namibia cuts down on spending amid growing liquidity problems

Xinhua, October 6, 2016 Adjust font size:

President Hage Geingob has admitted that Namibia is "going through difficult times" and that there is need to cut down on spending.

This is the first time Geingob has admitted the country's liquidity crisis although Prime Minister Saara Kuugongelwa-Amadhila already admitted the fact when she told the teachers' union that there is no money for the 8 percent salary increase they want.

"We are now working on a comprehensive set of measures to shore up the resilience of our economy. We are front-loading measures to place public finances on a firmer sustainable path through a fiscal adjustment framework and its corresponding policy packages," he said, adding that he was due to announce and implement all the measures.

Finance ministry wants to reduce the rolling budget by 10 percent when the mid-term review is done late October.

After Kuugongelwa-Amadhila told teachers that there is no money and can only give them a 5 percent salary increase, the union announced an indefinite nationwide strike from Oct. 13. Endit