The global credit rating agency Moody's has upgraded Namibia's sovereign rating outlook from 'stable' to 'positive'. This notable improvement reflects the successful implementation of economic reforms and a conducive external environment that has fostered economic growth. 

Finance Minister Iipumbu Shiimi said this in Parliament, highlighting the collective efforts that have driven this achievement.

"Moody's has recognised the substantial progress Namibia has made in strengthening its economic fundamentals. This upgrade is a testament to our commitment to reform and the resilience of our nation. This is a collective achievement that all Namibians should be proud of. It underscores the importance of our continued efforts to work together for the betterment of our country."

Namibia was first rated by Moody's and Fitch in September 2011, earning an investment grade rating due to its robust credit standing at the time. However, starting in 2016–2017, the country faced significant economic challenges as a result of declining commodity prices and other adverse external conditions, which led to a series of downgrades, culminating in the loss of its investment grade status by 2020.

In response, the government implemented a series of decisive reforms aimed at stabilising and revitalising the economy. Key measures included strengthening revenue administration, which resulted in a notable increase in government income. 

Additionally, an improved external economic environment provided a foundation for recovery.

"We have seen our revenue increase significantly. As I indicated when tabling the budget, our economy is projected to grow by 5.5%, which underscores the success of our reform agenda."

The Finance Minister urged all stakeholders to maintain the momentum of reform and cooperation, ensuring that Namibia's economic recovery remains on track.



Serafia Nadunya