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Posts by Maihapa Ndjavera:
The generation, transmission, and distribution of electricity in Namibia recorded deflation of 24% during the second quarter compared to an increase of 2.9% obtained during the same period a year earlier. The Namibia Desert Diamonds (Namdia) General Manager of Sales and Marketing, Lelly Usiku, said the threat of synthetic diamonds has brought about an opportunity in the diamond industry to focus on the traceability of the precious stones to verify diamond origins from the mines to jewellery. More than 183 000 senior citizens receive a monthly social grant, which costs the State some N$3.9 billion annually and constitutes coverage of 96% of those qualified to benefit. Namibian diamonds are of great quality, with the highest average value per carat in the world, Namibia Desert Diamonds (Namdia) general manager of sales and marketing Lelly Usiku said last week during an orientation session. In August 2020, Namibia’s exports stood at N$6.3 billion and imports at N$8.2 billion, subsequently, the country’s trade balance resulted in a deficit of N$1.9 billion. The demand for government bonds slightly rose during the second quarter of 2020 due to relatively attractive returns. About 14 entities in Germany and four outside the European country have objected against the importation of Namibian bushwood for use in power and heat plants in Hamburg. Commentators believe demand for local major exports will likely increase as the country pins its hopes on international trade and world output to recover from a disastrous 2020. Industrialisation minister Lucia Iipumbu has commended local retailers for accommodating local produce on their shelves and thus contributing to the Buy Local, Grow Namibia initiative. Some of the measures governments have put in place during the Covid-19 pandemic include the cutting of repo rates to provide some short-term relief to borrowers. Government should not pin all hopes of an economic reform and recovery on the agriculture as this sector is more exposed to numerous challenges. Minister of Finance, Iipumbu Shiimi last week urged the Agricultural Bank of Namibia at its annual general meeting to offer supportive interest rates to its clients but added that this should be in line with market practices.