debt
debt

Namibian Ministry of Finance on Sunday dismissed media reports which alleged the Government Institution Pension Fund (GIPF) is being swamped in 13 billion Namibian dollars (895 million U.S. dollars) public domestic debt during 2018-2019.

“The article stated that GIPF absorbed 13.0 billion Namibian dollars (0.9 billion U.S. dollars) public domestic debt during 2018. This is incorrect, given that government borrowed in total 7.3 billion Namibian dollars (507 million U.S. dollars) in the local market during that year, of which only 832 million Namibian dollars (58 million U.S. dollars) was taken up by GIPF,” said the ministry in a statement.

“The statement that the government needed 52.0 billion Namibian dollars (3.6 billion U.S. dollars) to fund its budget deficits over the past four years is also incorrect, as the total borrowing requirement over the past four financial years adds up to 44 billion Namibian dollars (3 billion U.S. dollars),” the ministry said.

According to the ministry, of the total borrowing requirement of over the past four years, only a total of 33.5 billion Namibian dollars (2.3 billion U.S. dollars) was borrowed within the same period. Enditem

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