## Namibia: 2023 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, December 12, 2023_

## Source details

**Canonical URL:** [Namibia: 2023 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2023/12/12/namibia-2023-article-iv-consultation-press-release-and-staff-report-542307)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/12/12/namibia-2023-article-iv-consultation-press-release-and-staff-report-542307/index.md)
- [Structured JSON version](/en/publications/cr/issues/2023/12/12/namibia-2023-article-iv-consultation-press-release-and-staff-report-542307/index.json)
- [Bundle manifest](/en/publications/cr/issues/2023/12/12/namibia-2023-article-iv-consultation-press-release-and-staff-report-542307/bundle-manifest.json)

## Bibliographic details
- Published: December 12, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400262012.002

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### Economic resilience and outlook
- Namibia has shown resilience to the negative shocks from the coronavirus disease 2019 pandemic and Russia’s war in Ukraine.
- Output has recovered to the pre pandemic level.
- Inflation has fallen below 6 percent, and expectations remain anchored.
- Official reserves, at 4.7 month of imports in September, exhibit adequacy consistent with the peg to the rand.
- Prospects are brightened with discovery of oil and gas reserves.
- Namibia is poised to benefit from the global pivot to green energy through its signature Green Hydrogen Project.

### Fiscal position, public debt, and recommended consolidation
- Current challenges include elevated public debt and weak nonresource sector growth.
- Fiscal consolidation is recommended to:
  - reduce public debt,
  - create space for private sector growth.
- Reforms to strengthen the public financial management framework and the performance of state-owned enterprises are advised to:
  - raise productivity,
  - lay the basis for efficient management of potentially large revenues from natural resources.

### Monetary framework and external sector
- The reserve position—4.7 month of imports in September—is viewed as adequate in the context of the peg to the rand.
- Low and anchored inflation (below 6 percent) supports monetary stability.

### Natural resources, projects, and statistical needs
- Discovery of oil and gas reserves improves medium-term prospects.
- The Green Hydrogen Project positions Namibia to benefit from the global pivot to green energy.
- Enhancing statistical capacity is recommended for:
  - consistent recording of transactions reflecting offshore oil-related activities,
  - informing policy related to natural resource revenues and associated economic impacts.

### Key findings and policy recommendations (bulleted)
- Findings:
  - Resilience to recent global shocks (coronavirus disease 2019 pandemic and Russia’s war in Ukraine).
  - Output recovered to the pre pandemic level.
  - Inflation fell below 6 percent; expectations anchored.
  - Official reserves at 4.7 month of imports in September.
  - Discovery of oil and gas reserves; Green Hydrogen Project prospects.
- Policy recommendations:
  - Pursue fiscal consolidation to reduce public debt and support private sector-led growth.
  - Strengthen public financial management framework.
  - Improve performance of state-owned enterprises.
  - Enhance statistical capacity for consistent recording of offshore oil-related transactions.

*International Monetary Fund. Namibia: 2023 Article IV Consultation—Press Release; and Staff Report (Country Report No. 2023/401), December 12, 2023.*

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## Content in this bundle

- **1. Selected Economic Indicators, 2019–2028**
  - [1. Selected Economic Indicators, 2019–2028 (Markdown version)](/-/media/files/publications/cr/2023/english/1namea2023002.pdf.md){rel="alternate" type="text/markdown"}
  - [1. Selected Economic Indicators, 2019–2028 (PDF)](/-/media/files/publications/cr/2023/english/1namea2023002.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2023/12/12/namibia-2023-article-iv-consultation-press-release-and-staff-report-542307_