Namibia has added its voice to the countries calling for the immediate suspension of the International Monetary Fund's (IMF) surcharges for developing countries during the 8th Ministerial meeting of the Like-Minded Group of Middle Income Countries at the UN General Assembly on Friday.
Surcharges are additional interest payments the IMF imposes on heavily indebted borrowing countries.
Namibia and others in the Like-Minded Group of Middle-Income Countries argue that these surcharges negatively affect debt sustainability, especially in light of the current worsening global crises.
The Director-General of the National Planning Commission, Obeth Kandjoze, submitted Namibia’s position at the meeting on behalf of the Minister of International Relations and Cooperation, Netumbo Nandi-Ndaitwah.
He said "Namibia also calls for the provision of urgent technical and financial support to MICs by developed countries and multilateral development banks, including debt swaps, re-channelling of unutilized Special Drawing Rights (SDRs), including through multilateral development banks, and a new allocation of Special Drawing Rights".