World Bank formula does not include past injustices: Geingob

23 Oct 2018 18:00pm
WINDHOEK, 23 OCT (NAMPA) – The classification of Namibia as an upper middle income country does not take into consideration past injustices and makes access to affordable debt financing and grants difficult, President Hage Geingob has said.
Speaking at the United Nations Conference on Trade and Development (UNCTAD) in Geneva, Switzerland on Tuesday, Geingob said the World Bank formula takes Namibia’s Gross Domestic Product and divides it by its small population, thereby deriving a high per capita income.
In his statement availed to the media, the Head of State said with that formula, the World Bank makes the faulty conclusion that Namibia is an upper middle income country, which reduces access to more affordable debt financing and grants.
“What these calculations fail to consider is the fact that due to past injustices, Namibia is still faced with highly skewed income distribution,” said Geingob.
He therefore called for a formula that will provide countries such as Namibia with assistance that are commensurate with their needs.
Geingob further noted that for globalisation to work, it must be inclusive. He said the United Nations has a crucial role to play in identifying ways in which more people can benefit from globalisation.
“I firmly believe that inclusivity is the most fundamental ingredient of policy making. When we exclude certain nations and people feel left out, we create an environment for conflict and discord,” he stated.
He added that the UN, through UNCTAD, should ensure that all countries are involved in the process of promoting sustainable development and shared prosperity.
Geingob further noted that Namibia is making headway in its pursuit of the Sustainable Development Goals, which are integrated into the national development plans.
The Head of State in addition said Namibians believe in multilateralism and international solidarity as it is “a child of global unity, midwifed by the UN”.
“We believe that our world can only move forward if we hold hands and pull in the same direction, thereby developing new areas of growth. Together, we can bring about sustainable development and shared prosperity, for the good of all,” he said.