STAFF WRITER
Independent Patriots for Change spokesperson and leader of the opposition in Parliament, Imms Nashinge has questioned the government’s failure to enact supporting legislation for the management of the Sovereign Wealth Fund.
He told parliament on Wednesday that the government must give a time line on when the Sovereign Wealth Bill will be tabled.
Nashinge in his intention to raise questions to the Prime Minister said he understands the Sovereign Wealth Fund is now standing at close to N$500 million but continues to grow without supportive legislation.
“The Welwitschia Sovereign Wealth Fund was launched in May 2022 to safeguard our nation’s future and now holds nearly half a billion Namibia dollars in public funds. However, it has been operating for over three years without a specific law governing its management, oversight and use of funds,” Nashinge said.
Among the questions he wants answered by the prime minister are :What is the exact timeline for the Welwitschia Sovereign Wealth Fund Bill to be tabled in this House and can the government commit to a definitive date for its passage before the end of this parliamentary session? Under which specific existing laws or legal provisions is the Fund currently being administered, and how does the government justify operating a major sovereign wealth fund without a dedicated legal framework for such a prolonged period?
He also wanted to know what action the government is taking to ensure the bill includes robust provisions for public transparency, parliamentary oversight and protection from misuse to gain the full confidence of the Namibian people?
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