Nam seeks billions from IMF

28 July 2020 | Economics

Government has applied to the International Monetary Fund (IMF) for a loan of about N$4.5 billion to help fund its Covid-budget.
Finance minister Iipumbu Shiimi this afternoon confirmed the application under the IMF’s Rapid Financing Instrument (RFI), saying government will assess the terms and conditions of the loan to see if it is favourable once the IMF responds.
The budget, which has to address both the impact of the prolonged recession and the Covid-19 pandemic on the Namibian economy, has resulted in a record deficit of nearly N$21.4 billion.
Namibia’s total debt for 2020/21 is estimated at nearly N$117.5 billion in the budget, about 17% more than in 2019/20.