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Assessing monetary consensus on how to finance developmental goals

Tue, 14 July 2015 17:15
by Juliet Anebe
News Flash

 President Hage Geingob is in Addis Ababa as a part of the member of the United Nations to assess and deliberate the progress made in the implementation of the Monetary Consensus and the Doha declaration on how to finance the post Millennium development Goals agenda.

 This was during the opening ceremony to mark the 3nd United Nation conference on financing development of less developed countries. The president said that over the past three decades the political and economic landscape of Africa has changed fundamentally and Africa is emerging as the second fastest growing region on the planet.

He noted that Namibia is celebrating 25 years of peace and stability and is committed to effective governance which has helped the citizens to progress in terms of meeting their basic needs.
Geingob added that Namibia, like most African Nations, has strong macroeconomic
Fundamentals.

  He said for the past five years Namibia has had strong economic growth averaging to 5 percent per annum. The debt is well contained at 25 percent as a ratio of GDP, and is able to fund current Government operations and a significant part of the capital budget entirely is from domestic resource mobilization.

 However he highlighted that the burden to economic development is that Namibia is classified as so-called upper middle-income country. This flawed definition and the calculation thereof, simply takes the GDP of a country and divides it by the population of the country which is unfair definition that deprives Namibia from accessing concessional funding which the country needs to pursue its developmental objective
   
‘’I hope you can forgive my fellow Namibians and I, for thinking that instead of being
Supported for these achievements, we are now being punished and our developmental aspirations are being stifled’’. Said the president.

 He urged that Namibia has significant natural resources, but however people do not eat natural resources they want food, and access to basic services, quality health and quality education. We therefore need to unlock the wealth in Namibia for the benefit of all the people.

The president said trade is another important tool to finance development. He stressed that the
International community, especially more developed nations, to provide better market access conditions to lesser-developed countries in order to assist the less them  create revenue