Namibia's public debt could reach 70% of GDP without spending reforms, central bank warns
via The Namibian3 min read
The Bank of Namibia BoN governor, Ebson Uanguta, has warned that Namibia鈥檚 public debt could escalate to 70% of gross domestic product GDP by the end of the current financial year if the government fails to implement spending reforms. The country's debt currently stands at 65.2% of GDP, already exceeding the 60% benchmark. Uanguta emphasized that the government can no longer rely on borrowing to fund expenditure and cautioned against borrowing based on future oil revenues. This warning follows Fitch Ratings' projection that Namibia鈥檚 government debt would rise to 66% of GDP by the 2026 financial year, with interest payments consuming 18% of government revenue. Prime minister Elijah Ngurare called for stricter spending controls across the government, aiming to reduce the fiscal deficit from 5.5% of GDP this financial year to 3.3% by 2028/29. He stated that the government needs to save approximately N$2.3 billion annually through tighter spending controls and expenditure restraint. Ngurare also announced the introduction of outcome-based budgeting in eight ministries from the second quarter of this year to measure government performance based on results rather than spending levels. He further stressed the importance of investing in job-creating projects, improving service delivery, and encouraging private sector investment, while also calling for reforms in procurement systems, public enterprises, public service operations, and digital government services. Ngurare warned minist
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This summary was AI-generated from a story originally published by The Namibian.
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