IMF Staff Country Reports

Namibia: 2023 Article IV Consultation-Press Release; and Staff Report

Publication Date:

December 12, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Namibia has shown resilience to the negative shocks from the COVID-19 pandemic and Russia’s war in Ukraine. Output has recovered to the pre pandemic level, inflation has fallen below 6 percent, and expectations remain anchored. Official reserves, at 4.7 month of imports in September, exhibit adequacy consistent with the peg to the rand. Prospects are brightened with discovery of oil and gas reserves. At the same time, Namibia is poised to benefit from the global pivot to green energy through its signature Green Hydrogen Project. Meanwhile, the challenge of improving public sector efficiency and reducing the large wage bill, not only for the sake of preserving debt sustainability, but also for the Namibian people to benefit the most from these new developments, remains paramount. Elections are scheduled for 2024.

Series:

Country Report No. 2023/401

Subject:

Expenditure Fiscal policy Fiscal stance Government wage bill International organization Monetary policy National accounts Public debt

Frequency:

regular