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