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Angola finally settles N$700 million debt

Angola finally settles N$700 million debt

The Bank of Namibia Friday announced that Angola’s central Bank, Banco Nacional de Angola settled its outstanding debt.

According to the central bank of Namibia, the last payment of N$706.7 million was made on 22 June.

The debt was a result of the implementation of the Currency Conversion Agreement which entered in 2015, which went sour, as Namibia got the short end of the stick

The initial agreement between the two countries was for Angola to pay back an estimated US$426 million which at the time amounted to about N$5.4 billion on a quarterly basis.

“The Bank of Namibia is delighted that the debt repayment has been concluded in a spirit of mutual trust and co-operation made possible by the support of President Hage Geingob, and the people of Namibia, which stood by the Bank, and had faith and trust in the arrangements announced by the two central banks,” Deputy governor of the Bank of Namibia, Ebson Uanguta said at a press conference this week.

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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