The government of Namibia received approximately US$270.83 million under the Rapid Financing Instrument to help the country address urgent balance of payments and fiscal financing needs stemming from the negative impact of the COVID-19 pandemic. Namibia has been severely affected by the COVID‑19 pandemic. Worsening global conditions and a local outbreak have deteriorated Namibia’s short-term macroeconomic outlook, hindered mining exports, tourism, investment inflows and weighed on tax revenues. The Namibian economy is estimated to have sharply contracted by 7.2 percent in 2020, and the recovery is set to remain subdued at 2.1 percent in 2021.
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