President Hage Geingob yesterday once again lamented Namibia’s classification as an upper-middle-income country, saying the categorisation presents challenges with regards to mobilising resources to finance developmental goals. The head of state voiced the concerns in a pre-recorded statement, delivered yesterday during the United Nations meeting on financing for sustainable development.
“The World Bank formula, which divides our GDP by our small population, thereby deriving a high per capita income, places us at a disadvantage, as this classification fails to account for historic injustices that have resulted in highly skewed income distribution,” Geingob told world leaders.
Therefore, he said, it is pertinent that countries with a unique situation such as Namibia should have access to assistance commensurate with needs on the ground. The upper-middle-income status categorises countries with a gross national income (GNI) per capita of US$4 046 (N$68 700) to US$12 535 (N$213 000).
“As a way to facilitate the needed evolution of our economic structure, Namibia aims to develop a suite of innovative financial tools, including green, blue, transition bonds and international carbon credits,” Geingob said.
He said Namibia supports debt for climate swaps and endeavour to create conditions for African research and development to allow locally relevant innovation to flourish.
Courtesy of New Era Newspaper
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