around €11 billion per year, enough to cover just under a third of the expansionary measures ; the remainder will increase the deficit to the extent i have already mentioned. the increase in revenue would amount to almost €9 billion per annum for the next three years. in 2019 more than half would come from a temporary increase in taxation on the financial sector ; in the following two years the loss of this temporary revenue would be offset by the cancellation of ace and by the measures to counter tax evasion and recoup revenue. other revenue measures of note include the abolition of the tax on unincorporated business income ( iri ), which was otherwise due to come into force on 1 january 2019. the tax on unincorporated business income was expected to reduce taxation by nearly €2 billion in the first year and about €1. 3 billion from 2020. the optional system, which reduced taxation of sole proprietorships and partnerships with a basic accounting system in order to achieve tax neutrality with respect to their form of incorporation, was introduced in the 2017 budget law and should have taken effect from 2018. last year, its entry into force was postponed until 2019 ; under the draft budget law it will be abolished. the spending cuts would amount to €3. 7 billion next year, €1. 5 billion in 2020, and €2. 2 billion in 2021. over the next three years, the cuts will represent, on average, more than one fifth of the resources generated by the budgetary provisions. these include, in 2019, the deferral to the following two - year period of capital transfers to the italian state railways. like last year, part of the cost savings will come from cuts to ministries ’ spending budgets ( €1. 6 billion on average per annum over the three - year period ). about a third of these cuts would come from rationalising expenditure on management of the immigration centres ; a reduction in military spending would be included ( cumulatively €0. 5 billion in the three years ). the other measures to reduce expenditure would include new, lower limits on tax credits for r & d ( the deductible amount would drop from 50 to 25 per cent and the ceiling would be brought down from €20 to €10 million ). the expected saving would amount to about €0. 3 billion in each of the two years 2020 - 21. financial sector taxation. – the budgetary provisions raise taxation on the banking and insurance sectors in the next three years : by €4. 3

s economic development is driven by the ease with which individuals and productive enterprises such as smes access funding. therefore, the namibia financial sector strategy ( nfss ), launched by the honourable minister of finance in 2012, has financial inclusion as one of its key strategic goals. although financial exclusion has been reduced from baseline of 51 % determined in 2007 to 31 % in 2011, the intention is to reduce it further to 26 % by 2021. in order to reach the set target, as a country, we need to devise various strategies such as improving credit information sharing, which is regarded as the catalyst to financial inclusion. bis central bankers ’ speeches ladies and gentlemen, good credit information sharing plays a critical role in enhancing credit to individuals and private enterprises. it enables credit providers to undertake effective credit risk assessments based on available credit history, whereas the borrowers are able to negotiate for better credit terms based on their good credit history. therefore, initiatives such as the ndsa and the credit bureau regulations will greatly contribute to the realisation of the nfss objectives of enhancing access to finance and maintaining stability in the financial system. director of ceremonies, ladies and gentlemen, the success of credit information sharing require a broad range of credit providers actively supplying data to the credit information system. it is thus important for all credit providers to take up membership with the ndsa and be part of this exciting initiative. i therefore call upon credit providers to join the ndsa to ensure the realisation of meaningful credit information sharing in namibia. in conclusion, i would like to commend finmark trust for initiating and facilitating this noble project. this indeed demonstrates that you always stay true to your slogan of “ making financial markets work for the poor ”. all of us should be part of the solution of making credit cheaper and more affordable, in a responsible fashion through credit information sharing. the bank of namibia is proud to be associated with this project! with these few remarks, director of ceremonies, ladies and gentlemen, it is my pleasure to declare the namibia data sharing alliance officially launched. thank you for your kind attention. bis central bankers ’ speeches