AfDB approves N$1.5 billion loan

The loan of N$1.5 billion which is payable for the period of 15 years was approved by the African Development Bank (AfDB) to support governance and economic recovery in Namibia.According to Tonateni Shidhudhu, spokesperson of the ministry of finance, the request was unanimously approved by the board of directors of the AfDB on 17 March 2021 to the tune of US$100.27 (N$1.5 billion).The approval follows the completion of the Economic Governance and Competitiveness Support Programme (2017-2020) which has achieved significant results in the area of fiscal consolidation, public financial management and improvement in the business environment. However, the Covid-19 pandemic threatens to revers some of those gains, he said.“As the country prepares for the post-pandemic era, the government is pursuing reforms in a wide range of areas. The proposed Government Economic Recovery Support Programme (GERSP) operation is designated to support the government's response and help to achieve inclusive post-pandemic economic recovery through improved governance and real sector reforms,” he added.The three main areas of focus are fiscal sustainability, private sector-led agriculture and industrial sector transformation, and economic and social inclusion. “It will help to create fiscal space to finance critical development spending, implement reforms that will help maintain macro-economic stability, transform key sectors such as agriculture and industry, and improve economic and social inclusion,” he said.Finance Minister Ipumbu Shiimi said the approval of the fund comes at an appropriate time as we start the process of building back the economy and implementing the Harambee Prosperity Plan (HPP2) with the view of achieving sustainable and inclusive transformation.

AfDB approves N$1.5 billion loan

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AfDB approves N$1.5 billion loan

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