TIRI MASAWI
Minister of Finance Erica Shafudha says the N$750 million Eurobond launched in 2015 will mature on October 29.
Speaking at the government information centre on Monday she said this will be a historical day for Namibia which launched such a long term bond for the first time in 2015 to raise funds for its domestic needs.
“The Eurobond which was launched in 2015 for N$750 million will be redeemed on the 29th October This is a major achievement because when we took this bond in 2015 investors were not too sure. We have prepared ourselves that the 29th of October will be a memorable day in the history of the country. Yes with the support of the commercial bank and the money that we have been putting aside,” Shafuda said.
The bond was floated to maintain financial stability and increase Namibia’s international reserves and strengthen the country’s external position. It was used to address a central government liquidity crunch and revenue shock.
At the time the government also used it to deal with the budget deficit while part of the funds were allocated to infrastructure and industrialization projects, including upgrades in power, water, logistics, transport, and education initiatives. Specific projects funded included the construction of the Neckartal Dam and various road, sanitation, and electrification projects.
The Minister of Finance also said the Namibian economy only managed a 2.7 % in the first quarter of the year -amounting to a slow down from 2024
“Domestic revenue base must be strengthened so that the country can be able to sustain its expenditure. We are saying the environment is safe and sustainable,” she said.
She also revealed that the Government will soon table a state enterprise Bill in parliament to find an alignment on the operations of SOEs.
The minister said the Bill has been approved by cabinet and is in final state with the attorney general before it will be tabled by Prime Minister Elijah Ngurare soon.
“There is a process the government is carrying out to carry out the public enterprise governance act. Soon we are going to see the tabling of the bill in parliament . The bill will be tabled by the Prime minister in the parliament,” she said.
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