IMF approves $270.83 million disbursement to Namibia to address COVID-19 pandemic

The IMF approved the purchase of US$270.83 million to Namibia under the Rapid Financing Instrument (RFI) to address urgent balance of payment and fiscal financing needs stemming from the COVID-19 pandemic.

Namibia is being severely affected by the COVID-19 pandemic, with the economy having sharply contracted by 7.2 percent in 2020 and the recovery set to remain subdued at 2.1 percent in 2021.

The IMF disbursement will provide needed financing to respond to the
COVID-19 health emergency, including the purchase of vaccines and deployment of the vaccination campaign, needed to mitigate the severe socio-economic impact of the pandemic.
Washington, DC March 31, 2021:

The Executive Board of the International Monetary Fund (IMF) approved today an outright purchase of SDR 191.1 million (about US$270.83 million) to Namibia under the Rapid Financing Instrument (RFI).

This will help the country address urgent balance of payments and fiscal financing needs stemming from the negative impact of the COVID-19 pandemic. IMF financing will also contribute to catalyzing additional financing from development partners. Namibia has been severely affected by the COVID-19 pandemic. Worsening global conditions and a local outbreak have deteriorated Namibia’s short-term macroeconomic outlook, hindered mining exports, tourism, investment inflows and weighed on tax revenues.

The Namibian economy is estimated to have sharply contracted by 7.2 percent in 2020, and the recovery is set to remain subdued at 2.1 percent in 2021. The outright purchase under the RFI will provide needed financing to support the authorities’ implementation of their response to the COVID-19 crisis, including the purchase of vaccines and deployment of the vaccination campaign, and interventions needed to mitigate the pandemic’s severe socio-economic impact. Key elements include stepping-up emergency health and education spending, strengthening social safety nets to protect the most vulnerable from the impact of the crisis, and supporting the private sector and protecting jobs. The implementation of public finance governance mechanisms will ensure appropriate use and monitoring of resources to address the COVID-19 crisis.

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