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International Monetary Fund. African Dept.
This 2023 Article IV Consultation highlights that Namibia has shown resilience to the negative shocks from the coronavirus disease 2019 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. Namibia should continue to tackle its current challenges of elevated public debt and weak nonresource sector growth. Fiscal consolidation will help reduce public debt and create space for private sector growth. Reforms to strengthen the public financial management framework and the performance of state-owned enterprises can raise productivity and lay the basis for efficient management of potentially large revenues from natural resources. Enhancing statistical capacity for consistent recording of transactions reflecting offshore oil-related activities would help inform policy.
International Monetary Fund. Statistics Dept.
This paper discusses details of Technical Assistance (TA) report on Government Finance Statistics (GFS) mission in Namibia. The mission supported the MFPE staff in compiling 2022–23 GFS for the State Governments subsector. The mission took note of and welcomed the Ministry of Finance and Public Enterprises (MFPE) initiatives to introduce a new Public Financial Management (PFM) law and a new budgetary chart of accounts (CoA). Both these initiatives are expected to drive major improvements to Namibia’s GFS. The mission emphasized the importance of considering GFS needs when introducing the new CoA and PFM law, ensuring that there are sufficient GFS compilation resources to implement the changes and to ensure appropriate GFS long time series are maintained and/or developed. In particular, there is an urgent need to strengthen the existing GFS compilation staff resources, expand and formalize source data requirements, and establish a list of all public sector units classified by statistical subsector.