WINDHOEK, March 24 (Xinhua) -- Namibia will receive a 100 million U.S. dollars loan from the African Development Bank (AfDB) to support governance and economic recovery following the approval of the loan, an official said Wednesday.
Namibia's Ministry of Finance spokesperson, Tonateni Shidhudhu in a statement said the request which was put through to the AfDB in June 2020, was unanimously approved by the board of directors of the AfDB on March 17, 2021, as a loan to finance the Namibia Governance and Economic Recovery Support Programme (GERSP).
"The approval follows the completion of the Economic Governance and Competitiveness Support Programme (2017-2020) which has achieved significant results in the areas of fiscal consolidation, public financial management and improvement in the business environment. However, the COVID-19 pandemic threatens to reverse some of those gains," he said.
According to Shidhudhu, as the country prepares for the post-pandemic era, the Namibia government is pursuing reforms in a wide range of areas.
"The proposed GERSP operation is designed to support the government's response and help to achieve inclusive post-pandemic economic recovery through improved governance and real sector reform," he said.
Shidudu meanwhile said 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 to maintain macroeconomic stability, transform key sectors such as agriculture and industry, and improve economic and social inclusion," he said. Enditem
