AGRIBANK has done well under difficult circumstances as key financial metrics for the 2019/20 financial year show positive trends, Minister of Finance Ipumbu Shiimi has said. Shiimi made these remarks on Thursday during AGRIBANK's Annual General Meeting that took place in Windhoek. He said the year 2019/20 was marked with many challenges, mostly regarding the worst drought the country has ever experienced since independence, but the bank still managed to register a surplus despite having to increase its provisions significantly during the year, in line with international financial reporting standards. “Though enforcing accountability among Namibian state-owned enterprises continues to be a major challenge, Agribank has consistently completed its audited annual financial statements and held its annual general meetings on time over the past four years, which is a good governance practice. I urge the bank to continue this practice going forward,” said Shiimi. He added that he is aware that despite good rains for 2020, global developments and the outlook are clouded with significant risks to economic growth, estimated at (minus) -4,4℅ in 2020, the lowest growth in recent history. The situation is further worsened by unprecedented shocks due to the COVID-19 pandemic. “A credible fiscal adjustment will be essential to preserve macroeconomic stability and debt sustainability. However, this policy change will need to be carefully designed to avoid choking off economic growth, while safeguarding critical social and development spending,” said the minister. He further added that the board and management should fully implement the newly approved COVID-19 Economic Stimulus and Relief Package to mitigate the negative impact of the pandemic on the economy and to provide economic relief to retain jobs and provide livelihoods by providing loans at reduced interests. This will enable AGRIBANK to fulfil its purpose of enhancing government’s efforts of making Namibia becoming food sufficient. -NAMPA