Namibia has fully repaid its debt to the IMF, bringing its outstanding obligation to zero
The event represents one of the most substantial changes to the country’s external debt profile in recent years.
Namibia currently has a net IMF debt obligation of zero, indicating that it has fully paid off its outstanding arrears to the global lender.
The data on the IMF portal reveals a distinct value under total repayment of $23,887,500, which is also reflected in the recorded debt as of the last day of March this year.
The broader context of Namibia’s debt reduction reveals a purposeful fiscal consolidation effort aimed at improving macroeconomic stability and lowering reliance on external funding.
This is hardly the first of such a milestone in Africa, as just a few weeks back, the Southern African country of Mozambique cleared its $701 million debt to the International Monetary Fund.
As presently constituted, the IMF does not list Mozambique in its debt portal, not even with a 0 figure in outstanding debt, signifying that the country has completely paid what it owes.-businessinsider
