IMF Board Approves $270.83Mln To Namibia To Address Negative Impact Of COVID-19 Pandemic

Namibia will receive over $270.83 million to address urgent needs caused by the negative impact of the measures implemented to combat the novel coronavirus pandemic, the International Monetary Fund said in a release on Thursday

WASHINGTON (UrduPoint News / Sputnik - 01st April, 2021) Namibia will receive over $270.83 million to address urgent needs caused by the negative impact of the measures implemented to combat the novel coronavirus pandemic, the International Monetary Fund said in a release on Thursday.

"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)," the release said. "This will help the country address urgent balance of payments and fiscal financing needs stemming from the negative impact of the COVID-19 pandemic."

The IMF pointed out in the release that the 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 release said.

The purchase under the RFI will give the required finds to help the authorities' carry out their response to the crisis caused by the pandemic, including procuring vaccines and undertaking efforts to mitigate the pandemic's socio-economic impact, the release said.

Earlier in March, the Russian Direct Investment Fund (RDIF) said that Namibia became the 50th country to authorize Russian coronavirus vaccine Sputnik V.