Government’s N$1.2 Billion Lifeline Channels Directly to Namcor’s Creditors and Suppliers

The government’s infusion of N$1.2 billion to stabilize the National Petroleum Corporation of Namibia has taken an unconventional route, bypassing direct cash injection to settle Namcor’s debts. Instead, the bailout funds were disbursed directly to Namcor’s suppliers and creditors last month, as confirmed by Namcor spokesperson Utaara Hoveka. This strategic move alleviates Namcor’s financial burden, providing a crucial lifeline to prevent potential liquidation. The bailout, facilitated by a sovereign guarantee, underscores the government’s commitment to support Namibia’s national oil company.