Namibia has fully repaid its N$3.9-billion emergency loan from the International Monetary Fund (IMF), bringing its participation in the Rapid Financing Instrument (RFI) programme to an end.
According to ministry of finance spokesperson Wilson Shikongo, the final repayment was made on 15 April, reducing the outstanding balance to zero and formally closing the facility approved in April 2021.
“The last payment was made on 15 April. To this effect, the IMF RFI has now been fully repaid,” Shikongo tells The Brief.
The loan, equivalent to special drawing rights 23 million, or about N$3.9 billion at the time of approval, was secured at the height of the Covid-19 pandemic to stabilise the economy and support urgent public spending.
The funds were used to address fiscal financing pressures as Namibia faced a widening budget deficit, declining export revenues and increased strain on its external accounts.
At the time, finance minister Iipumbu Shiimi said the facility was critical in enabling the government to respond to the health crisis, including procuring vaccines and supporting the national vaccination rollout, while cushioning the broader economic impact.
The RFI, which provides emergency support to IMF member states facing balance of payments challenges, was extended to several middle-income countries during the pandemic.
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