Make laws relevant to current changing financial market environment emphasizes MP
The Chairperson of the National Council of Namibia, Hon Lukas Sinimbo Muha, MP, has emphasized the need for Namibia to make laws relevant to the current changing financial market environment both locally and worldwide.
The MP Muha said this when he officially opened the legislative workshop on Financial and Related Bills for Members of the 6th National Council, currently underway in Swakopmund.
The lawmakers are convened in the coastal town to hear concise explanations of the proposed amendments and new bills identified following Namibia’s grey-listing following the 2021/2022 peer review outcome that highlighted particular areas where critical reforms must be effected.
The workshop will run from 12-16 June. The Chairperson of the National Council said that the situation the country found itself in cannot be delayed and is unavoidable.
“Thus, we are expected to make the necessary amendments to some existing laws, and if possible, craft brand new ones,” he said.
He added: “It is important to note that we live in a globalization era that is so interdependent in almost all aspects of life. This interdependency has advantages and disadvantages.
“For instance, businesses and individuals in one country can buy and sell or exchange currency in another country with a click of a button. That is a signal that global financial markets are more integrated than they have been before.”
According to Muha, interdependence and integration carry risks to individuals, firms, investors, and nations. He explained that it influences global security and trade relations and how governments, businesses, and individuals deal with financial markets.
Said Muha: Thus, an economic crisis in one state can quickly spread to other states, and the spread of difficulties can lead to global catastrophes that may negatively affect the world economies in various ways.
“The emphasis here is that we need to make laws relevant to the current changing financial market environment, locally and globally. We have to move quickly to comply and beat the politics of the world monetary system.”
According to him, even if the task of information and skills enhancement is very challenging, it is also rewarding when they use the information acquired throughout their legislative process.
