WINDHOEK: Namibia will not seek a bailout from the International Monetary Fund or the World Bank even though its economy is struggling, President Hage Geingob told ruling party delegates on Thursday in a conference where his position was up for grabs.
Geingob, who has presided over an economy that has been downgraded to "junk" by Moody's and Fitch, is being challenged for the party's presidency by long-time rival and current sports minister Jerry Ekandjo and former Prime Minister Nahas Angula.
The southern African country's economy has seen growth nosedive from an average 5 percent growth over the last five years to a marginal 0.2 percent last year.
In a speech at the ruling SWAPO party's congress, Geingob - who is the party's acting president - said Namibia would manage without help from the global lenders.
He said former presidents Sam Nujoma and Hifikepunye Pohamba had not sought help from the global lenders, and he too would steer clear of them.
"The only way to maintain our economic sovereignty therefore, would be continuing the prudent management of our fiscus by ensuring that every single cent of taxpayers' money is spent in an accountable and effective manner," he said.
The party will announce a new head on Saturday.
Namibia's economy will grow at 1.6 percent this year and by double that in 2018 as the mining sector emerges from years of contraction and the impact of recent severe drought on farming eases, its finance minister said earlier this month.
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