109 years old, since 1910.
22 September 2019

Price Water Coopers And Standard Bank Namibia Budget Review 2008 Gala Dinner

5 March 2008

Windhoek, Namibia

Key note address by the SACU Executive Secretary Ms Tswelopele Moremi at the Namibia Budget Review 2008 Gala Dinner

What are the key challenges facing the SACU economies?

From the Budget Statements read by the Ministers of Finance from the SACU Member States, I have identified the following issues:

Having identified these challenges the question becomes what then?

What are the responses proposed by the Ministers in their Budget Statements?

In order to address the dependency issue, Ministers need to diversify revenue. I therefore look at the tax proposals that are contained in the Budget Statements read by the Finance Ministers.

Turning now to the Education and Health Sector challenges, the Budget Statements contain a number of positive proposals.

Addressing Poverty

The Growth and Development Imperative

Turning now to the Area of HIV/AIDS

Overall, the Budgets presented by the Finance Ministers largely address the development challenges facing the region. All of them conform to the standards prescribed by International Organisations on appropriate ratios. All the budget balances fall below the 3% target for GDP.

The fundamentals in all of these countries look sound. In the past few years most of these economies have recorded positive budget outturns. These have provided a good base for these economies to weather the storms appearing on the horizon.

What is required is a system of checks to ensure that we anticipate the challenges and plan appropriately.

Namibia

Turning now to the Budget presented by the Minister this afternoon, I wish confirm that it addresses the key challenges facing the region.

Other Regional Challenges

In conclusion, I would like to point out that these are not the only challenges facing SACU Member States. Beyond these there are the issues of the proposed establishment of the SADC Customs Union in 2010. There is also the interim SADC EPA Agreement initialled in December 2007.

I thank you.