The escalating steadily deteriorated levels of debt have dire consequences for Namibia's sovereign credit rating with international rating agencies.
Economist at IPPR Robin Sherbourne this week surmised the debt level is skyrocketing mainly because it has always been easier for government to borrow than to make painful cost-cutting decisions. According to a finance ministry official, Namibia's current debt repayments are about N$1.5 billion every three months.
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