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Namibia: Hage Geingob Announces That His Country Does Not Need The IMF 

Despite its troubled economy, Namibian President Hage Geingob announced Saturday that his country does not need the IMF or the World Bank.

Last Monday, the rating agency Fitch Ratings had evoked the timid recovery of the economy and the risks of indebtedness that loom on the horizon in this country.

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This downgrade of Fitch is the second of its kind. Already, last August, Moody’s, another rating agency, had shown its skepticism about the sustainability of the sovereign debt of this country in southern Africa.

Last year, Namibia’s economy grew 5.7 percent on average over the previous five years, falling to 0.8 percent.

BBC

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Written by How Africa

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