Financial Struggles Worsen as State Support and Shack Dwellings Increase

Financial Struggles Worsen as State Support and Shack Dwellings Increase

About 25% of Namibians earning an income spend only N$521 monthly, while 90% cannot afford more than N$5,000, reflecting widespread financial struggles, according to Cirrus Capital. State support sustains nearly a quarter of households, with drought relief beneficiaries doubling to 364,927 in 2024. Shack dwellers now make up 28.7% of households, tripling since 2011 to 217,000, especially in the Khomas region. Rising inflation and declining self-sourced income have worsened inequality […]

December 19, 2024 7

Business / Economics

FNB Namibia Offers Drought Relief Loans to Farmers

FNB Namibia is stepping up to assist farmers affected by the ongoing drought in the country. In line with the Bank of Namibia’s recent policy changes, FNB is offering loan moratoriums, restructuring, and emergency funding under preferential terms to qualifying agricultural clients. These measures aim to provide financial relief to farmers until October 2026. CEO Sepo Haihambo emphasized that the bank is committed to supporting Namibia's agricultural sector, which is […]

December 5, 2024 11

Local

Bank Windhoek’s Agri Series Focuses on Drought Impact on Namibia

Bank Windhoek’s Executive Officer for Marketing and Corporate Communication Services, Jacquiline Pack, emphasized that the agriculture sector has always been a cornerstone of Namibia’s economy and society, contributing around 6% to the Gross Domestic Product (GDP) and creating significant employment opportunities. She made this statement on Tuesday, 5 November 2024, while announcing that the fifth Agricultural Series will take place on Wednesday, 13 November 2024, in Windhoek, live on […]

November 6, 2024 12

Environment

Agriculture Minister supports Bank of Namibia’s drought relief policy

The Bank of Namibia has introduced a financial relief policy for farmers affected by ongoing drought, which includes loan restructuring, debt moratoriums, and emergency funding at preferential terms. Agriculture Minister Calle Schlettwein expressed support for the policy in an interview with Future Media, emphasising the need for financial products tailored to the agricultural sector's unique challenges. Minister Schlettwein, discussing Namibia's response to climate change, further highlighted the importance […]

October 29, 2024 16

Environment

Bank of Namibia Orders Financial Relief for Drought-Stricken Farmers

The Bank of Namibia has directed local financial institutions to establish relief measures designed to support farmers and agricultural businesses facing severe financial difficulties caused by the ongoing drought. BoN’s Director of Strategic Communications and International Relations, Kazembire Zemburuka, explained that this move follows a state of emergency declaration in response to what is described as the worst drought Namibia has experienced in a century, according to The Brief.

October 29, 2024 13

Namibia

Cabinet Approves Key Initiatives in Drought Relief, Water Management, and Economic Stability

In a recent cabinet meeting, several key decisions were made to tackle pressing issues in Namibia. The Cabinet approved actions for drought relief, including a budget allocation and the enrollment of over 64,000 households. It emphasized the need to allocate 5% of the national budget for water management to meet Sustainable Development Goal 6. The Total Allowable Catch for rock lobster was set for the upcoming fishing season, and […]

October 18, 2024 11

Africa

Zimbabwe considers elephant culling for food amid drought

Zimbabwe is considering culling elephants for the first time since 1988 as the country grapples with a devastating drought. Environment Minister Sithembiso Nyoni told lawmakers in Mount Hampden, near Harare, that discussions are underway to cull elephants and distribute the meat to drought-stricken communities in need of protein. This move comes as Zimbabwe faces one of the worst droughts in recent decades, leaving many communities food insecure. According to Bloomberg […]

September 12, 2024 75

Namibia

Government culls wildlife for drought support

The Ministry of Environment, Forestry, and Tourism has pledged to cull 723 animals as part of the government's drought relief program. The animals, including 30 hippos, 60 buffaloes, 50 impalas, 100 blue wildebeests, 300 zebras, 83 elephants, and 100 elands, will be sourced from national parks and communal areas with sustainable game populations. Ministry spokesperson, Romeo Muyunda.

August 27, 2024 28

Business / Economics

Agribank rolls out drought relief plan

Namibia's agricultural lender, Agribank, has launched its drought relief subsidy, as announced by Hon. Iipumbu Shiimi, Minister of Finance and Public Enterprises, in his February 2024 budget speech. Effective today, 10 July 2024, the relief will come in the form of installment relief and a penalty interest waiver for clients. According to the bank's spokesperson, Fillemon Nangonya the first intervention focuses on Agribank clients with farmland and livestock loan accounts, […]

July 10, 2024 48