Economy

Economy (235)

There are fears that Namibia’s annual inflation could reach a high of 7% this year, unless there are significant developments across the world to halt crude oil prices.

Mines and Energy minister, Tom Alweendo says Namibia will not compromise its ability to solve the country’s socio-economic problems by cutting off potential fossil fuels.

Namibian motorists could breathe a sigh of relief amid indications that the Ministry of Mines and Energy and the Ministry of Finance are engaged in talks to cushion citizens against rising fuel costs.

The Namibia Revenue Agency (NamRA) says it has collected close to N$1 million in administrative penalties in the past two weeks from undervalued and undeclared goods being imported into the country, coupled with incidents of false declarations.

The Ministry of Works and Transport (MWT) and the Environmental Investment Fund (EIF) have signed a Memorandum of Understanding (MoU) to monitor and combat effects of climate change in the Kunene region.

Mines and Energy minister Tom Alweendo says calls for the country to import cheap fuel from Angola are misguided as the neighboring country is also a net importer of the precious liquid.

This comes as pressure continues to mount on the government from consumers after petrol and diesel prices have increased by 51% and 60% respectively in the last 12 months, contributing to rampant smuggling of cheap fuel from Angola.

“We have been receiving calls that we will start to import our fuel from Angola because it is cheap. The fact is that Angola buys 80% of its fuel needs from the same international market where we buy our fuel, and they buy it at the same price. It therefore does not make any sense for Angola to sell us fuel at a cheaper price than what we currently pay. The only reason why fuel is cheaper in Angola is that they make use of the revenue they receive from the export of their crude oil to subsidize the price to the consumer,” he said in Parliament during his ministry’s budget motivation.

The Development Bank of Namibia (DBN) has provided funding to Dr Vincent Kambinda of MedRundu Health Centre to set up his practice, contributing to an increase in the number of health facilities available in Rundu.

The country’s annual inflation for March 2022 increased by 4.5% compared to 3.1% recorded in March last year due an increase in prices of transport and food, the Namibia Statistics Agency (NSA) said on Thursday.

Namibia is set to launch digital COVID-19 certificates this month following close collaboration between the Ministry of Health and Social Services (MoHSS) and PanaBios.

The Bank of Namibia (BoN) raised its repo rate by another 25 basis points to 4.25% on Wednesday, the second hike in a row as it seeks to reduce second-round effects from sharply rising inflation.