Namibia will for the first time receive $271 million from the International Monetary Fund to address the country&rsquos deteriorating fiscal position which has been worsened by the COVID-19 pandemic its finance ministry said on Thursday.
WINDHOEK Namibia will for the first time receive $271 million from the International Monetary Fund to address the country&rsquos deteriorating fiscal position which has been worsened by the COVID-19 pandemic its finance ministry said on Thursday.
Namibia had previously avoided loans from the IMF since becoming a member in 1990 but the pandemic has hurt the country&rsquos economy. Eighty-five nations have sought assistance from the lender under its Rapid Financing Instrument in the last 12 months.
The finance ministry said the funds will assist in the response to the COVID-19 health emergency including the purchase and deployment of vaccines.
&ldquoThe COVID-19 pandemic and its fallout have created a situation where Namibia&rsquos fiscal deficit is widening substantially&rdquo the finance ministry said in a statement.
Although Namibia has had just over 44000 confirmed cases and 528 deaths compared to neighbouring South Africa which has had over 1.5 million infections its economy has been severely battered.
The southwest African country&rsquos debt is set to rise to 76.2% of GDP with a budget deficit of 8.6% of GDP in 2021/22.
Namibia&rsquos statistics office said GDP had contracted by a record 8% in 2020 worse than the 7.3% estimate by the Bank of Namibia.
Only around 1500 people have been vaccinated in Namibia so far despite the country receiving 100000 doses of the Chinese-donated Sinopharm vaccine and 30000 doses of the Covishield vaccine donated by India.
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