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Bank of Namibia

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Find out more about BoN Issues Drought Relief Measures Targted at the Agricultural Sector.

BoN Issues Drought Relief Measures Targted at the Agricultural Sector
28 October 2024 | Media Release
 

BANK OF NAMBIA ISSUES NEW DETERMINATION TO PROVIDE DROUGHT RELIEF FOR THE AGRICULTURAL SECTOR 

The Bank of Namibia is pleased to announce the coming into force of the Determination on Policy Changes in Response to Economic and Financial Stability Challenges as a Result of the State of Emergency over the Persistent Drought in Namibia (BID-39) on 23 October 2024. The Determination was issued following the declaration of a state of emergency by the President on 22 May 2024. 

The Determination was issued to provide credit-related drought relief policy measures to assist farmers and agricultural business owners who are experiencing financial difficulties as a result of the drought. In terms of this Determination, banking institutions are required to implement relief measures, including the restructuring of loans, granting of loan moratoriums, and emergency funding under preferential terms. This will ease the financial burden on affected clients while helping to stabilize the agricultural sector, amidst the persistent drought. 

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