Economy

Economy (712)

Namibia's annual inflation rate for February 2023 has significantly increased to 7.2%, compared to 4.5% recorded in February 2022, according to official figures.

Namibia's Ministry of Industrialisation and Trade (MIT) is taking steps to tackle global warming by developing a National Cooling Strategy aimed at decarbonizing the Refrigeration and Air-Conditioning (RAC) sector.

The German Federal Ministry of Education and Research (BMBF), the Southern African Science Services Centre for Climate Change and Adaptive Land Management (SASSCAL) as well as the Western African Science Centre for Climate Change and Adaptive Land Use (WASCAL) have signed a declaration that will see the three organisations jointly counter effects of climate change.

Namibia’s marginalised communities are in need of N$157 million to alleviate hunger and malnutrition in the coming few months, a senior government official has said.

Finance and Public Enterprises Minister Iipumbu Shiimi says the government is working to pass a new law to regulate the Welwitschia Sovereign Wealth Fund  in the next two years.

Prime Minister Saara Kuugongelwa-Amadhila says the country should ramp up production of diamonds and local processing of the gems to maximise profits.

Namibia is working on curtailing illicit financial outflows through various mechanisms that are also aimed at enhancing tax collection. 

Namibia is blessed with abundant natural resources yet a significant portion of her population continues to languish in poverty.

The Namibia Students Financial Assistance Fund (NSFAF) is planning to garnish bank accounts of 88,640 debtors who owe the fund N$4,215 billion.

The Federal Republic of Germany has reaffirmed its commitment to supporting Namibia's development and economic reforms, saying it will continue to provide more, despite having pumped N$29 billion  (1.5 billion Euros) into Namibia since her independence.  

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