Staff Reporter
PRESIDENT Netumbo Nandi-Ndaitwah has expressed support for the African Credit Rating Agency, a continent-wide initiative aimed at reducing borrowing costs and expanding access to finance.
The agency is expected to be launched in Mauritius in October this year.
“This development is a building block for Africa taking ownership of its development and prosperity agenda. It demonstrates progress in Africa’s ambition to drive momentum for the reform of the international financial architecture in order to ensure a level playing field,” the President said.
She made these remarks during the General Debate of the 81st Session of the United Nations General Assembly (UNGA81) in New York, held under the theme, “Restoring Trust, Managing Transformation: A United Nations That Delivers for All”.
President Nandi-Ndaitwah emphasised that middle-income countries such as Namibia continue to face high borrowing costs, limited fiscal space, debt vulnerabilities, climate-related shocks and persistent inequalities.
“Namibia reaffirms the Sevilla Commitments as an important step towards reforming the international financial architecture and strengthening the global partnership for sustainable development. The system must thus become more inclusive, equitable and responsive to the realities of middle-income countries,” President Nandi-Ndaitwah said.
The President further emphasised that reforming the international financial architecture was essential to creating a more equitable and inclusive global economic order.
“Such reforms should create greater policy space and access to financing to enable countries to expand their economies through value addition to their natural resources, including critical minerals, so that our people can fully benefit from our resources. This will accelerate sustainable development, address inequality, create jobs for our youth and lift our populations out of poverty,” President Nandi-Ndaitwah said.
Photo: Namibian Presidency
