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International Monetary Fund. External Relations Dept.

Following are edited excerpts of the communiqué issued by the ministers of the Intergovernmental Group of 24 on International Monetary Affairs (the Group of 24) in Washington, D.C., on September 25. The full text of the communiqué is available on the IMF’s website: "

International Monetary Fund. External Relations Dept.
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International Monetary Fund

Namibia’s government has launched a major three-year fiscal initiative in 2011 aimed at increasing growth and employment. Public debt is rising rapidly, from a low base. The authorities intend to unwind the fiscal expansion in 2014. Fiscal consolidation would help keep public debt to a manageable level, support the economy’s external position, and provide room to maneuver if further shocks arise, including a potential fall in revenues from the Southern African Customs Union. The authorities reaffirmed their intention to support the exchange rate peg against the South African rand.