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Namibia a debt-ridden nation – Shiimi

News - National | 2018-04-12 | The Namibian

by Staff Reporter

 

THE Bank of Namibia's governor, Ipumbu Shiimi, yesterday encouraged the nation to avoid living in debt as it also affects economic growth.

He was speaking at a press conference held in Windhoek, where he announced that the monetary policy committee had chosen to keep the repo rate at 6,75% in a bid to safeguard the level of foreign reserves. Shiimi spoke against debt while addressing the slow growth of private sector credit extension (PSCE) in the first two months of the year, in comparison to the same period last year. He said the average annual growth rate of the private sector stood at 5,3% for six months until February 2018, and that this is lower than the 7,2% recorded during the preceding months.

This slower growth of the PSCE was also affected by reduced growth in credit advanced to both the household and corporate sector, especially regarding mortgage and instalment credit.

The governor emphasised the need for the household sector to save money instead of borrowing and consuming things they could not afford.

“We have already said in the past that we are concerned about the debt level of households. We have borrowed up to the limit, and we have become a debt-ridden nation.

“So, this is a moment for all of us to save, and only buy things we need. We cannot continue to rely on the debt; it is not good for ourselves, and it is not good for the health of the nation,” Shiimi stressed.

He added that since the last monetary policy meeting, the growth in the PSCE rose moderately to 5,7% at the end of February 2018, from 5,1% in December 2017.

Shiimi, who announced that the country's foreign reserves had declined
from N$30 billion to N$26 billion, emphasised the need to save money, instead of borrowing to spend on frivolous things.

In 2014, credit to the private sector reportedly stood at N$10 billion, compared to N$7,4 billion in 2013.

Ipumbu Shiimi

OFFICE HUMOR

SICK LEAVE

I urgently needed a few days off work, but I knew the Boss would not allow me to take a leave. I thought that maybe if I acted "CRAZY" then he would tell me to take a few days off. So, I hung upside down on the ceiling

and made funny noises. My co-worker asked me what I was doing.

I told her that I was pretending to be a light bulb so that the Boss would think

I was "CRAZY" and give me a few days off. A few minutes later the Boss came

into the office and asked, "What are you doing?"

I told him I was a light bulb.He said, "You are clearly stressed out. Go home and

recuperate for a couple of days."

I jumped down and walked out of the office. 


When my co-worker followed me, the Boss asked her, "And where do you think you're going?"

(You're gonna love this.....)She said, "I'm going home too, I can't work in the dark."

overtime

During an interview, the employer asked the candidate:
Employer: So, how long did you work during your last job?
Candidate: 30 years
Employer: Oh! You look young. How old are you
Candidate: 20 years old
The employer was surprised and asked the candidate how she worked 30 years and has only been living for 20 years??
Candidate: Overtime

AMAZING JOB 

Reaching the end of a job interview, the Human Resources Officer asks a

young engineer fresh out of the University of Namibia, "And what starting salary

are you looking for?" The engineer replies, "In the region of N$1,800000 a year,

depending on the benefits package." The interviewer inquires, "Well, what would

you say to a package of five weeks vacation, 14 paid holidays, full medical and

dental, company matching retirement fund to 50% of salary, and a company car

leased every two years, say, a red Corvette?" The engineer sits up straight

and says, "Wow! Are you kidding?" The interviewer replies, "Yeah, but you started it."

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Recent Projects: Pupkewitz, Cospharm and TrenTyre

 

Cospharm is a generic pharmaceutical company based in Windhoek, Namibia with offices in Harare, Zimbabwe and Cape Town, South Africa. The company markets and distributes healthcare products throughout Namibia and increasingly in emerging markets within Southern Africa. We are currently implementing Accsys Payroll for them. Visit their website here!

We implemented the Accsys Time and Attendance system at Pupkewitz and at TrenTyre we implemented Accsys Payroll Systems