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The implementation of key long-term strategies, such as the national development plans (NDPs) and Harambee Prosperity Plans (HPPs), to advance Vision 2030 has made it imperative to accelerate Namibia’s development.
Namibia’s new Country Partnership Framework (CPF), which is part of the World Bank Group’s new strategy, is crucial.
This collaboration is essential for aligning the NDPs and the HPP with Vision 2030 and shedding additional light on the NDP6.
With high unemployment, inequality, renewable energy, improved access to high-quality public services and assistance in bridging the fourth Industrial Revolution, cybersecurity is being strengthened.
This involvement will assist Namibia in increasing employment, enhancing resilience to economic shocks and lowering inequality.
It’s critical to have international expertise to guide and support in the implementation of national long-term strategies. These partnerships are crucial in figuring out how our national developments will be translated into tangible future developments.
In five years, we can create a more innovative, resilient and prosperous global economy by using intellectual capital and cutting-edge technologies.
This is in line with the government’s strategic vision and development priorities and is one of the World Bank Group’s strategies to assist Namibia.
The partnership between Namibia and the World Bank extends beyond financial benefits as Namibia works towards mutually beneficial development and a peaceful approach.
It promotes humanity’s shared future by signifying Namibia’s responsibilities and contributions to the world.
The cooperation cuts across many industries and is crucial to Namibia’s economic development.
To further support economic growth, diversified economic systems and vertical service structures should be established, financial resources should be integrated and market-orientated economic reforms should be advanced.
As a result, Namibia’s new CPF will enable Namibians to better develop, absorb and apply new technologies and knowledge at home.
It will also enable economic diversification and the long-term reduction of poverty.
In addition, the World Bank Group’s new approach will help local companies grow and enhance their ability to compete with multinational corporations.
Whereas Namibian companies cannot compete globally with companies for major infrastructure projects, the African Development Bank (AfDB) sees this as an opportunity to establish strong public-private partnerships that align with the government’s reform.
As part of the World Bank Group’s recently announced CPF for Namibia, which covers 2025 to 2029, Namibia is expected to borrow approximately N$7.6 billion from the International Bank for Reconstruction and Development (IBRD) in 2025/26.
Additionally, funding of up to N$3.8 billion is anticipated through the International Finance Corporation.
Recognising that debt financing is a vital tool for government spending is crucial from an economic standpoint.
Henceforth, the government can make sure that N$7.6 billion is allocated to growth-promoting initiatives while controlling bloated state-owned enterprises (SOEs) and limiting the increase in public sector salaries.
In addition, given its vital role in the economy, I recommend that Namibia play a key role in the World Bank Group initiative to revive Air Namibia. Restoring Air Namibia would not only boost the country’s economy, but also reaffirm Namibia’s independence and aviation self-sufficiency.
Moreover, a percentage of Namibia’s new CPF borrowings should go towards infrastructure.
Not all debts are bad – social instability can be avoided if it is used to finance suitable infrastructure and projects.
The World Bank Group strategy should also highlight the importance of private sector participation in implementing some of these plans.
The international experts assigned to Namibia should pay particular attention to the implementation process, because all long-term plans have the potential to improve the lives of the vast majority of Namibians.
The debt borrowed for long-term strategies will be good debt if Namibia’s new CPF addresses these most important national needs.
The country will have better growth prospects in the years to come if its citizens are healthier, more educated and employable.
In conclusion, the World Bank Group’s new strategy should not be interpreted as international experts telling us that we shouldn’t aim for the stars.
However, if we want to tour the moon, it is best that we have a healthy, educated and stable workforce and have enough energy-generating capacity.
- Josef Sheehama is an independent economic and business researcher.
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