N$8bn ready to settle Eurobond

22 October 2021 | Local News

OGONE TLHAGE



WINDHOEK

Bank of Namibia governor Johannes !Gawaxab says there is no concern that government will fail to honour its N$7.25 billion Eurobond, which matures next month.

It is the first Eurobond accessed in 2011 by government, while the second, to the tune of N$10.8 billion, Eurobond was accessed in 2015.

All the necessary arrangements had been made to repay the Eurobond, !Gawaxab said.

“We are going to pay back N$8 billion in terms of the Eurobond,” he said.

A Eurobond is a debt instrument that's denominated in a currency other than the home currency of the country or market in which it is issued.

“As a banker to the government, we are ready to honour the obligation as indicated by the minister and we have done what is necessary to make sure that we execute,” he said ahead of the looming 3 November deadline.

No doubt

The stock of international reserves further demonstrated government’s ability to repay its pending debt, he said.

“Our reserves were about N$49 billion at the end of September. We are in a position to meet our financial obligations, so let there be no doubt that there is every reason to execute. We’ll put whatever is necessary in place to repay,” !Gawaxab said.

Namibia’s cost of borrowing compared favourably with that of some European sovereigns, Reuters reported in 2011.

“The favourable reception from European and US investors sends a clear signal to the likes of Kenya, Zambia and Tanzania, who have all floated Eurobond plans, that the international debt markets are not closed to frontier issuers,” Reuters said.

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