Stock Market / Finance in Namibia
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NAMIBIA, 2013/06/03
BRAZIL'S decision to cancel out U$900million (about N$7,2 billion) of deficit owed by African nations will not benefit Namibia.
The move by Brazil is part of its plan to boost ties with the continent and about 12 nations are set to benefit from the decision. The unit division at the Ministry of Finance yesterday confirmed that Namibia does not have a loan or credit arrangement with Brazil.
However, Finance Minister Saara Kuugongelwa-Amadhila lauded Brazil's decision of relieving the debts of African nations as it would give governments an opportunity to fund developmental projects.
