N$3.9 billion IMF loan approved

06 April 2021 | Economics

PHILLEPUS UUSIKU

Namibia joined other 85 countries in the world to benefit from International Monetary Fund (IMF) financial relief for Covid-19 and acquired a loan of N$3.9 billion to address the fiscal financing needs.

The N$3.9 billion loan whose repayment period is 5 years at an interest rate of 1.1%, is the first that Namibia has ever acquired from the institution.

According to Tonateni Shidhudhu, spokesperson of the Ministry of Finance, the application was done last year from the Rapid Financing Instrument (RFI) that was made available by IMF to middle-income countries.

The RFI provides rapid financial assistance to all IMF member countries facing financial headwinds and Balance of Payment challenges.

“The Covid-19 pandemic and its fallout have created a situation where Namibia's fiscal deficit is widening substantially, at the same time that the country's receipts from exports of goods and services are contracting with consequent potential pressures on the external accounts,” he pointed out.

The funds will provide needed financing to respond to the Covid-19 health emergency, including the purchase of vaccines and deployment of the vaccination campaign, needed to mitigate the severe socio-economic impact of the pandemic, Shidhudhu said.

Similar News

 

Economy in critical need of health care

14 hours ago | Economics

PHILLEPUS UUSIKU – To ensure that Namibia’s economy gets back on track, it is of critical importance to aggressively spend on the health sector to...

Angola woos Spanish investment

14 hours ago | Economics

Luanda - Angola's president João Lourenço has vowed to resolve the country's staggering debt in a bid to encourage business investment from Spain, as the...

Sacu coordination critical for AfCFTA

14 hours ago | Economics

The coordination of the Southern Africa Customs Union (Sacu) member countries in the implementation of the African Continental Free Trade Area (AfCFTA) agreement is critical...

Outjo’s water arrears run into millions

14 hours ago | Economics

More than 3 000 residents and businesses owe the Outjo municipality in excess of N$33 million and the local authority will today cut the water...

Excessive risk-taking making stocks overvalued

14 hours ago | Economics

Washington - Massive government aid has provided liquidity to support economies during the Covid-19 pandemic, but also caused stock prices to surge beyond their value,...

Global corporate tax inches towards reality

14 hours ago | Economics

Virginie Montet - Proposed by the United States, supported by the IMF and welcomed by major economies including France and Germany, a global minimum tax...

Namibia ‘losses’ billions in export earnings

3 days ago - 09 April 2021 | Economics

PHILLEPUS UUSIKUNamibia lost about N$1.9 billion in export earnings in February 2021 as exports reduced by 24.6% to N$5.7 billion from its level of N$7.6...

Zimbabwe expecting tobacco boom in 2021

3 days ago - 09 April 2021 | Economics

Zimbabwe's tobacco output is expected to grow by around 9% to 200 000 tonnes this year, the industry regulator said Wednesday, providing a major source...

Geingob launches Namibia Revenue Agency

4 days ago - 08 April 2021 | Economics

PHILLEPUS UUSIKUAccountability, honesty and loyalty are some of the values that will ensure that the newly launched Namibia Revenue Agency (NamRa) which will be key...

Nam economy to grow by 2.6%

4 days ago - 08 April 2021 | Economics

Jo-Maré Duddy – The International Monetary Fund (IMF) expects the Namibian economy to grow by 2.6% this year, lagging behind the average growth of 3.4%...

Latest News

‘School uniform project at advanced...

14 hours ago | Business

Trade minister Lucia Iipumbu has said the local school uniform project aimed to embargo the importation of school uniforms is at an advanced stage and...

Economy in critical need of...

14 hours ago | Economics

PHILLEPUS UUSIKU – To ensure that Namibia’s economy gets back on track, it is of critical importance to aggressively spend on the health sector to...

Geingob tells Shanghala off

14 hours ago | Politics

JEMIMA BEUKES WINDHOEK President Hage Geingob on Saturday suggested that former justice minister...

Business struggles to recover from...

14 hours ago | Business

Ndalimpinga Iita - Despite economic revival efforts in Namibia, businesses operating in the country continue to struggle following disruptions due to the Covid-19 pandemic.For years,...

EDITORIAL

14 hours ago | Opinion

Affirmative Repositioning leader Job Amupanda and his cohorts in the social justice movement last week promised to up the tempo in their fight against corruption.Amupanda...

Angola woos Spanish investment

14 hours ago | Economics

Luanda - Angola's president João Lourenço has vowed to resolve the country's staggering debt in a bid to encourage business investment from Spain, as the...

Sacu coordination critical for AfCFTA

14 hours ago | Economics

The coordination of the Southern Africa Customs Union (Sacu) member countries in the implementation of the African Continental Free Trade Area (AfCFTA) agreement is critical...

Outjo’s water arrears run into...

14 hours ago | Economics

More than 3 000 residents and businesses owe the Outjo municipality in excess of N$33 million and the local authority will today cut the water...

Three die in car crash...

14 hours ago | Accidents

NAMPA OKAKARARAThree men died instantly on Saturday after the sedan they were travelling in overturned and crashed into a concrete wall...

Load More