Angola to pay back N$600 million in June

The Angolan government has promised to pay its remaining debt of over N$600 million to Namibia by 25 June this year. This was announced by President Hage Geingob during the 40th commemoration of Cassinga Day on Friday at Heroes’ Acre. The Head of State expressed his gratitude to the Angolan government as the repayment comes at a time when Namibia is recovering from a financial downturn.He also reiterated the important role Angola played in the independence of Namibia.“Angola and Namibia are fraternal neighbours united by culture and blood, there is no greater friend in the world than a friend who is willing to pay the cost for the sake of friendship,” said Geingob. He emphasised that the sentiment is captured by the words of former president of Angola, Jose Eduardo dos Santos, who said “in spite of our sacrifices, we will continue to support Namibians for their rights and sovereignty to be respected and to achieve their total and complete independence”.The N$600 million to be paid next month is part of the quarterly agreement between the Bank of Namibia (BoN) and the Banco Nacional De Angola (BNA). BoN and the Angolan Central Bank entered into a Currency Conversion Agreement in 2014 to enable residents living at the border towns of Oshikango in the Ohangwena Region and Santa Clara in Angola, to exchange their respective national currencies to facilitate the payment of goods and services.This resulted in a massive outflow from the neighbouring country. The BNA subsequently struggled to repurchase kwanza from the BoN on a monthly basis due to foreign reserve pressure. A new repayment schedule had to be negotiated. - Nampa and own report

Angola to pay back N$600 million in June

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Republikein 2026-03-20

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Angola to pay back N$600 million in June

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