[{"bbox": [99, 103, 409, 132], "category": "Section-header", "text": "### 2.3.3 Macroeconomic Policy"}, {"bbox": [82, 141, 1144, 222], "category": "Text", "text": "On 31 March 2021 the IMF approved the loan of US$270.83 million to Namibia under the Rapid Financing Instrument (RFI) to address urgent balance of payment and fiscal financing needs stemming from the COVID-19 pandemic."}, {"bbox": [82, 248, 1144, 355], "category": "Text", "text": "Namibia was severely affected by the pandemic, and the economy contracted by 7.2 percent in 2020 and the recovery is set to remain subdued at 2.1 percent in 2021. The IMF disbursement provided needed financing to respond to the COVID-19 health emergency, including the purchase of vaccines and deployment of the vaccination campaign, needed to mitigate the severe socio-economic impact of the pandemic."}, {"bbox": [82, 381, 1144, 460], "category": "Text", "text": "The assessment of Namibia's macro-economic situation is summarized in Table 1 below drawing on data from the IMF 2021 Staff Report (16 March 2021), and the latest projections presented by the Minister of Finance Budget Statement 24 February 2022):"}, {"bbox": [82, 487, 635, 511], "category": "Caption", "text": "Table 1: Namibia Macro-Economic Assessment for ECD"}, {"bbox": [82, 511, 1148, 1624], "category": "Table", "text": "<table><thead><tr><th>Indicator</th><th>2018/19</th><th>2019/20</th><th>2020/21</th><th>2021/22</th><th>2022/23</th><th>2023/24</th><th>2024/25</th></tr></thead><tbody><tr><td>Real GDP (% change)</td><td>1.1</td><td>-1.6</td><td>-8.5</td><td>2.2</td><td>3.6</td><td>3.1</td><td>2.5</td></tr><tr><td>GDP per capita (% change)</td><td>3.5</td><td>-1.2</td><td>-7.4</td><td>3.7</td><td>5.3</td><td>4.4</td><td>4.0</td></tr><tr><td>Inflation rate (CPI)</td><td>4.3</td><td>3.7</td><td>2.3</td><td>3.6</td><td>4.4</td><td>4.5</td><td>4.5</td></tr><tr><td>Investment (%GDP)</td><td>14.9</td><td>14.7</td><td>17.1</td><td>18.3</td><td>19.5</td><td>19.4</td><td>19.4</td></tr><tr><td>Total revenue (%GDP)</td><td>30.8</td><td>32.6</td><td>32.5</td><td>28.9</td><td>29.9</td><td>32.9</td><td>33.1</td></tr><tr><td>Tax revenue</td><td>28.8</td><td>30.6</td><td>30.8</td><td>26.6</td><td>27.2</td><td>30.2</td><td>30.4</td></tr><tr><td>Non-tax revenue (%GDP)</td><td>2.0</td><td>2.0</td><td>1.5</td><td></td><td>2.5</td><td>2.5</td><td>2.5</td></tr><tr><td>Diamond & mineral royalties</td><td>0.9</td><td>0.7</td><td>0.6</td><td>0.6</td><td>1.0</td><td>1.0</td><td>1.1</td></tr><tr><td>Total expenditures (%GDP)</td><td>36.4</td><td>38.2</td><td>41.5</td><td>37.7</td><td>37.1</td><td>36.6</td><td>36.1</td></tr><tr><td>Primary expenditures</td><td>20.0</td><td>21.2</td><td>21.9</td><td>20.6</td><td>20.1</td><td>19.2</td><td>19.2</td></tr><tr><td>Interest payments</td><td>3.3</td><td>3.8</td><td>4.0</td><td>3.9</td><td>4.0</td><td>4.6</td><td>4.7</td></tr><tr><td>Capital expenditures</td><td>3.2</td><td>3.3</td><td>4.3</td><td>3.8</td><td>3.8</td><td>3.8</td><td>3.7</td></tr><tr><td>Social transfers</td><td>9.9</td><td>9.8</td><td>11.3</td><td>9.4</td><td>9.2</td><td>9.1</td><td>8.6</td></tr><tr><td>Lending/borrowing as % of GDP</td><td>-5.6</td><td>-5.5</td><td>-9.0</td><td>-4.9</td><td>-7.2</td><td>-3.7</td><td>-3.0</td></tr><tr><td>Gross debt % GDP</td><td>50.4</td><td>59.9</td><td>64.6</td><td>67.9</td><td>70.2</td><td>69.4</td><td>68.1</td></tr><tr><td>External debt [public/private]</td><td>61.8</td><td>66.8</td><td>71.7</td><td>83.8</td><td>72.3</td><td>69.1</td><td>66.3</td></tr><tr><td>Debt sustainability analysis rating</td><td colspan=\"7\">Moody's Ba3 (Dec 2020)</td></tr><tr><td>Exports (% change)</td><td>30.7</td><td>30.9</td><td>29.6</td><td>31.0</td><td>33.8</td><td>34.6</td><td>34.5</td></tr><tr><td>Current account balance (%GDP)</td><td>-3.3</td><td>-1.7</td><td>1.0</td><td>-7.0</td><td>-3.9</td><td>-1.3</td><td>-0.2</td></tr><tr><td>Reserve coverage (months of imports)</td><td>4.5</td><td>5.3</td><td>4.7</td><td>4.2</td><td>4.3</td><td>4.4</td><td>4.9</td></tr><tr><td>Current transfers (% GDP)</td><td>10.3</td><td>10.4</td><td>12.5</td><td>9.1</td><td>7.8</td><td>9.7</td><td>10.3</td></tr><tr><td>of which SACU receipts</td><td>9.9</td><td>10.2</td><td>12.3</td><td>9.0</td><td>7.7</td><td>9.6</td><td>10.2</td></tr></tbody></table>"}, {"bbox": [571, 1660, 655, 1687], "category": "Page-footer", "text": "Page | 13"}]