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Earlier this year, rating agency Fitch affirmed a “stable” outlook for Namibia on expectations that the government debt to GDP ratio will stabilize in the medium term, while Moody’s lifted the country’s outlook to “positive” from “stable”
Namibian debt stands at over 60% of its gross domestic product, but analysts say that the fact that a majority of the bonds are issued domestically remains a positive for the country.
Earlier this year, rating agency Fitch affirmed a “stable” outlook for Namibia on expectations that the government debt to GDP ratio will stabilise in the medium term, while Moody’s lifted the country’s outlook to “positive” from “stable”.
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The Namibian economy is heavily dependent on mineral exports including diamonds and rare earths. But following recent discoveries, energy could eventually overtake mining in terms of significance to the middle-income country’s economy.
