Economy

Economy (712)

Namibia's debt-to-GDP ratio rose to 65.9% as of the end of December 2022, according to the Bank of Namibia (BoN).

The administrator of the National Energy Administration of China, Zhang Jinhua, paid a visit to President Hage Geingob on Friday to establish cooperation in the area of green hydrogen production.

The Ministry of Works and Transport has allocated N$562 million towards the development of new railway lines as well as maintenance and rehabilitation of existing and old rail lines.

Analysts say the introduction of a road tolling system in the country is not feasible highlighting that operational costs and decreased economic activity in smaller towns will outweigh potential revenue generation.

The South African Reserve Bank's (SARB) Monetary Policy Committee voted on Thursday to raise interest rates by 50 basis points (bps), contrary to market expectations.

The German Federal Ministry of Education and Research (BMBF), in collaboration with the government of Namibia, is facilitating the education of 93 Namibians to the tune of approximately N$87.7 million.

Namibia's economy grew by N$22.3 billion last year, resulting in an estimated size of N$206.2 billion, as compared to N$183.9 billion recorded in 2021, anchored by positive performance across all industries, latest data from the Namibia Statistics Agency show.

In the wake of the global economic downturn, FNB and RMB have underscored the significance of collaboration between the private and public sectors to propel economic growth in Namibia.

First Lady Monica Geingos emphasised the need for increased investment and participation in the primary phases of education, which lay the groundwork for the systems from which many children fall.

The Ministry of Health and Social Services has allocated over N$560 million to fund key projects and evaluate the performance of strategic departments. 

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