Namibia is not broke - Geingob

Namibia is not broke - Geingob

President Hage Geingob says the Namibian and global economies are facing financial headwinds because of different factors and that, contrary to reports, Namibia is not broke.
Namibia's financial standing had been the talk of the town since the global economy took a dip recently.
Due to its heavy reliance on exporting of raw commodities, the country's small but open economy was punished by a drop in the demand for these commodities.
Another factor is the quoting for major capital projects in US dollars as the Namibia dollar and South African rand have weakened considerably against the greenback in recent years.
President Geingob was addressing the Swapo Party's Khomas leadership at a meeting on Monday.
Geingob added that this year's national budget will do away with excessive expenditure and tighten loose ends and taking care of over-payments in some areas.
The budget will be tabled in March.