IMF team to consult civil society in Namibia

An International Monetary Fund (IMF) team is in Namibia and will consult with civil society in the country on Wednesday, 13 March. The executive director of the Ministry of Finance and Public Enterprises, Titus Ndove, confirmed that IMF representatives are in the country for a staff monitored programme.

Staff Monitored Programme, or SMP, is an informal agreement between an IMF member country and IMF staff to monitor a member country’s economic programme.

The IMF delegation arrived in the country last week.

During their visit in October last year, the IMF raised concerns about excessive bureaucracy in Namibia, which it says is discouraging potential investors.

IMF Namibian mission head Jaroslaw Wieczorek stressed that there was a need for the government to streamline administrative processes and create a more conducive environment for foreign investors.

“There is a general sense that the economy is slightly over-regulated. There is too much of an administrative burden. The cost of doing business is elevated,” Wieczorek said.