Do away with unfair classification of Namibia: Geingob

13 Jul 2015 11:40am
WINDHOEK, 13 JUL (NAMPA) – President Hage Geingob will use the opportunity at the 3rd United Nations (UN) Conference on Financing for Development to call upon the international community to do away with the classification of Namibia as an upper middle-income country.
Geingob, who left for Addis Ababa, Ethiopia on Sunday to attend the 3rd United Nations Conference on Financing for Development, said such a classification does not enable Namibia to mobilise international capital at better conditions.
In a media statement issued on Monday, Geingob explained that due to the unfair classification of Namibia as an upper middle-income country that narrowly focuses at Gross Domestic Product (GDP) at the cost of its distribution, Namibia is unfairly deprived of much-needed concessional development finance. The President is of the opinion that the classification does not take into account the uneven distribution of wealth in Namibia.
“In Namibia, we have abundant natural resources, however, due to lack of development some of these resources remain dead capital,” he said.
Geingob will also call upon the economic community to assist Namibia in developing these assets by adding value to them through increased investment and fair trade.
“After all, our people do not eat these natural resources so it is only through developing these resources that their full developmental potential can be unleashed,” he said.
The four-day conference will deliberate, as members of the UN, on how to finance the post Millennium Development Goals agenda.
“There is no doubt that Namibia has made significant progress in all spheres of socio-economic development during the past two and half decades. We are on track towards meeting the Millennium Development Goals,” he said,
However, Geingob indicated that to take Namibia to the next level of prosperity, as envisioned under Vision 2030 and under the proposed United Nations Sustainable Development Goals, the country need to significantly scale up resource mobilisation.
The conference ends on Thursday.