Namibia gets N$3.9 billion IMF loan

Staff Writer The International Monetary Fund (IMF) has approved a N$3.9 billion (US$270.83 million) loan for Namibia under its Covid-19 Rapid Facility. “The Ministry of Finance wishes to announce the approval of US$270.83 million (about N$3.9 billion as at current exchange rate) by the International Monetary Fund (IMF) to address the fiscal financing needs caused by the COVID-19 pandemic,” the Ministry of Finance said. The Ministry said the application was done last year from the Rapid Financing Instrument (RFI) availed by the IMF to middle-income countries. “The RFI provides rapid financial assistance to all IMF member countries (shareholders) facing financial…