Economic Developments

Business continues to suffer the effects of the world economic crisis. The beginning of the year saw the major diamond producing company Namdeb going on a three month production holiday. Various companies retrenched as they reduced overhead costs and adjust to a slowdown in global demand for commodities. This affected the country’s GDP for 2009. Namibia’s budget deficit of 2009 and national debt continued growing without anything being done to reverse the trend. In the new budget presented in parliament by the minister of finance in March the government would borrow, in different forms, a total of N$ 8.7 billion to finance its operation and service the debt.

Of this, N$1.0 billion was through long term borrowing (government bonds) and N$6.2 billion through short term (Treasury Bills). N$1.5 billion was to be borrowed from outside the country, mainly China and Germany. Most disturbing was that the government continued borrowing to mostly pay to finance debts. 

The Governor of Bank of Namibia in an article in the Namibian Newspaper of 9th of September highlighted the following; “Sustained amid high economic growth and not social safety nets are only proven ways to fight poverty”. He called upon labour to look beyond the interests of their immediate constituenty. “What is good for the workers is not necessarily good for the country. It does not help to protect a few jobs at the expense of less future employment”.uscule scale at a small village called Omitara. east of Windhoek.

 

Ruacana National Budget & Bridging Economic Gap in Namibia In co-operation with the Regional Council. Katima Mulilo Stakeholders Meeting for Way Forward Bringing together community, Town Council, Regional Council, Traditional Authorities, Churches, & small traders. Walvis Bay Stakeholders Meeting for Way Forward. Bringing together local CBO’s, Town Council, Regional Council, NamPol, & small traders