Namibia gets US$129m credit facility from AfDB to boost economy

NAMIBIA – The Board of Directors of the African Development Bank has approved a US$129.4 million (ZAR 2.011 billion) loan to finance the Namibia Economic Governance and Competitiveness Support Programme, EGCSP. That approval builds on the achievements recorded over the past two years. These include a significant reduction in the country’s budget deficit from 8.3% of GDP in 2015/16 to 4.8% in 2018/19; a decrease in the expenditure/GDP ratio from 40.2% in 2015/16 to 34.9% in 2018/19, and a major improvement in foreign reserves which stood at 4.6 months of…

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