By Benjamin Wickham
WINDHOEK, Feb. 24 — Namibia’s Members of Parliament are expressing concern about the country’s growing debt, which has now reached N$150 billion, accounting for about 70% of the Gross Domestic Product (GDP). The lawmakers say that the government has been grappling with managing the country’s public debt, which continues to increase at an alarming rate.
This mounting debt has sparked concerns over the country’s ability to meet its financial obligations, particularly in the face of the COVID-19 pandemic, which has had a significant impact on the country’s economy. As a result, there are fears that the government may have to resort to borrowing more money to meet its obligations, which could lead to a further increase in the country’s debt burden.
The government has been working to address the issue of the country’s debt, but the Members of Parliament say that more needs to be done. They are calling on the government to develop a comprehensive strategy to manage the country’s public debt, including measures to control spending and boost revenue.
The lawmakers are also urging the government to improve transparency and accountability in its financial management practices, particularly with regard to borrowing and debt management. They say that the government needs to be more transparent about its borrowing activities and ensure that the funds borrowed are used for their intended purposes.
In addition to these measures, the Members of Parliament are calling on the government to explore alternative sources of funding, such as public-private partnerships and foreign direct investment, to help reduce the country’s reliance on borrowing.
The rising public debt has become a critical issue in Namibia, with many worried about its potential impact on the country’s future. The government’s ability to manage this debt and put in place measures to control its growth will be critical in ensuring the country’s economic stability and long-term prosperity. – Namibia Daily News