{ "title": "IMF Staff Completes 2022 Article IV Mission to Namibia", "publication": "IMF News, October 5, 2022", "sourceUrl": "https://www.imf.org/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia", "canonical": "https://www.imf.org/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia", "overlayPath": "/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia/index.md", "summary": "IMF Staff Completes 2022 Article IV Mission to Namibia", "publishDate": "2022-10-05", "sections": [ { "heading": "Mission overview", "content": "- IMF staff team led by Ms. Giorgia Albertin, IMF mission chief for Namibia, held a virtual mission during September 20 ‒ October 5, 2022, to conduct the 2022 Article IV Consultation discussions with Namibia.\n- End-of-mission press release conveys preliminary findings of the IMF staff team; views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board.\n- Press Release No. 22/334; press statement issued October 5, 2022." }, { "heading": "Economic outlook and projections", "content": "- After a sharp contraction due to the COVID-19 pandemic, the Namibian economy has started to recover.\n- Real GDP growth reached 2.7 percent in 2021 as mining activity rebounded, and tertiary sector activities began to recover.\n- The recovery strengthened in the first half of 2022, supported by sustained mining growth and stronger manufacturing activity.\n- Real GDP growth is expected at 3 percent in 2022 and 3.2 percent in 2023, supported by robust diamond, gold and uranium production, and rebounding tourism.\n- Average headline inflation rose to 5.6 percent in August 2022, reflecting rising food and transport prices.\n- Average inflation would rise to 6.4 percent in 2022 and start to moderate in 2023.\n- The current account deficit would remain large, financed by FDI inflows in oil and gas and one-off transactions.\n- The fiscal deficit is expected to narrow, supported by strengthened tax revenues and fiscal consolidation measures.\n- No new COVID-19 cases were recently reported (as of the mission statement)." }, { "heading": "Risks and scenarios", "content": "- Spillovers from the war in Ukraine, a slowdown of the global economy and weaker non-oil commodity prices could:\n - further exacerbate inflation,\n - worsen imbalances, and\n - undermine the recovery." }, { "heading": "Fiscal policy and debt sustainability", "content": "- Advancing the authorities’ fiscal consolidation strategy is crucial to preserve debt sustainability.\n- Key fiscal policy priorities:\n - Containing the wage bill.\n - Advancing the reform of state-owned enterprises.\n - Strengthening tax administration.\n- Complementary priorities:\n - Preserve social spending and growth-supporting public investment.\n - Mitigate the impact of higher food and fuel prices on the poorest.\n - Strengthen the public financial framework to support fiscal consolidation." }, { "heading": "Monetary policy and financial stability", "content": "- The Central Bank of Namibia has gradually raised its policy rate, following the South African Reserve Bank’s (SARB) monetary policy tightening.\n- As inflationary pressures rise:\n - Maintaining the policy rate broadly aligned with the SARB’s rate and an adequate level of reserves will support the currency peg and anchor inflation.\n - Strengthening the resilience of the financial sector and managing macro-financial risks will support financial stability." }, { "heading": "Structural reforms and inclusive growth", "content": "- Preserving macroeconomic stability, advancing structural reforms and protecting the most vulnerable is key to:\n - foster private sector-led and inclusive growth,\n - reduce unemployment and inequality.\n- Structural reform priorities:\n - Improve the business climate.\n - Foster access to finance.\n - Strengthen governance.\n - Reduce skills mismatches." }, { "heading": "Key statistics and dates", "content": "- September 20 ‒ October 5, 2022: dates of the virtual Article IV mission.\n- Press Release No. 22/334; issued October 5, 2022.\n- Real GDP growth: 2.7 percent in 2021.\n- Real GDP growth projections: 3 percent in 2022; 3.2 percent in 2023.\n- Average headline inflation: 5.6 percent in August 2022.\n- Average inflation projection: 6.4 percent in 2022.\n- Contact listed: PRESS OFFICER: Tatiana Mossot; Phone: +1 202 623-7100; Email: MEDIA@IMF.org.\n\nIMF Staff Completes 2022 Article IV Mission to Namibia, Press Release No. 22/334, October 5, 2022.\n\n---\n\n\n References\n\n- Namibia and the IMF\n- IMF Policy Advice -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia" } ], "bullets": [ "[Markdown version](/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia/index.md)", "[Structured JSON version](/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia/index.json)", "[Bundle manifest](/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia/bundle-manifest.json)", "Published: October 5, 2022", "IMF staff team led by Ms. Giorgia Albertin, IMF mission chief for Namibia, held a virtual mission during September 20 ‒ October 5, 2022, to conduct the 2022 Article IV Consultation discussions with Namibia.", "End-of-mission press release conveys preliminary findings of the IMF staff team; views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board.", "Press Release No. 22/334; press statement issued October 5, 2022.", "After a sharp contraction due to the COVID-19 pandemic, the Namibian economy has started to recover.", "Real GDP growth reached 2.7 percent in 2021 as mining activity rebounded, and tertiary sector activities began to recover.", "The recovery strengthened in the first half of 2022, supported by sustained mining growth and stronger manufacturing activity.", "Real GDP growth is expected at 3 percent in 2022 and 3.2 percent in 2023, supported by robust diamond, gold and uranium production, and rebounding tourism.", "Average headline inflation rose to 5.6 percent in August 2022, reflecting rising food and transport prices.", "Average inflation would rise to 6.4 percent in 2022 and start to moderate in 2023.", "The current account deficit would remain large, financed by FDI inflows in oil and gas and one-off transactions.", "The fiscal deficit is expected to narrow, supported by strengthened tax revenues and fiscal consolidation measures.", "No new COVID-19 cases were recently reported (as of the mission statement).", "Spillovers from the war in Ukraine, a slowdown of the global economy and weaker non-oil commodity prices could:", "Advancing the authorities’ fiscal consolidation strategy is crucial to preserve debt sustainability.", "Key fiscal policy priorities:", "Complementary priorities:", "The Central Bank of Namibia has gradually raised its policy rate, following the South African Reserve Bank’s (SARB) monetary policy tightening.", "As inflationary pressures rise:", "Preserving macroeconomic stability, advancing structural reforms and protecting the most vulnerable is key to:", "Structural reform priorities:", "September 20 ‒ October 5, 2022: dates of the virtual Article IV mission.", "Press Release No. 22/334; issued October 5, 2022.", "Real GDP growth: 2.7 percent in 2021.", "Real GDP growth projections: 3 percent in 2022; 3.2 percent in 2023.", "Average headline inflation: 5.6 percent in August 2022.", "Average inflation projection: 6.4 percent in 2022.", "Contact listed: PRESS OFFICER: Tatiana Mossot; Phone: +1 202 623-7100; Email: MEDIA@IMF.org.", "[Namibia and the IMF](http://www.imf.org/external/country/NAM/index.htm)", "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia/index.md", "json": "/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia/index.json", "bundleManifest": "/en/news/articles/2022/10/04/pr22334-imf-staff-completes-2022-article-iv-mission-to-namibia/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T01:32:15.854Z" }