The Public Debt Servicing Bill has increased beyond the levels anticipated in the National Budget.

Finance Minister Iipimbu Shiimi says this is commensurate with a rising debt portfolio coupled with the prevailing tight financial conditions.

Shiimi pointed out that, as a result, interest payments have increased by N$1.7 billion to N$11.8 billion for the 2023–2024 financial year.

This equals 15% of the projected revenues for this financial year.

Despite economic challenges, Namibia has displayed resilience, with an estimated growth rate of 3.5% in 2023.

The public debt stock is expected to reach N$153.8 billion of the gross domestic product (GDP), showing a slight improvement from the previous year.

This was revealed by Finance Minister Iipumbu Shiimi during the 2023–24 Budget Mid-Year Review.

In his speech, Minister Shiimi acknowledged the growing costs of servicing the national debt and reaffirmed the government's commitment to stabilising debt growth and preserving fiscal stability.