To manage uncertainty, stress-test decisions against volatility, and highlight the risks surrounding a single-point prediction, the IMF’s reference forecasts are complemented by two scenarios. Growth would slow to 2.5 percent under an “adverse scenario” of higher energy prices, rising inflation expectations, and tighter financial conditions throughout the year. Growth would drop to 2 percent in a “severe scenario,” in which energy supply disruptions extend into next year, with greater macroeconomic instability. I am of the view that this practical approach is sensible to support policy direction by developing
early contingency plans through documenting extreme possibilities (“best” and “worst” case).

he impact of the war will affect countries disproportionally. Economic analysis indicate that low-income energy-importing countries are highly exposed, especially those with pre-existing vulnerabilities and limited buffers.
So, the key question is how best policymakers should respond?

• For central banks: if medium- or long-term inflation expectations increases, restoring price stability must take precedence over near-term growth, with a swift tightening to combat inflation.
• For fiscal policy: in view of limited fiscal space combined with elevated budget deficits and rising public debt, any fiscal support should remain narrowly targeted and temporary—consistent with medium-term fiscal objectives to rebuild buffers.
• Policy coordination: should financial conditions tighten sharply, and global activity weaken significantly, monetary and fiscal policy should stand ready to pivot to support the economy and safeguard the financial system, alongside appropriate financial and liquidity policies.


The conversation from the World Bank side centred around sustainable jobs and outcomes. With the World Bank’s shifting focus from inputs to measurable impact, two tools were launched during the Spring Meetings: namely a Scorecard tracking three themes (People, Prosperity, Planet) and Target Map indicating how financing connects to specific development outcomes.

With public debt significantly higher than two decades ago along with rising interest payments, the Bank stressed:
• More domestic resource mobilization, including through enhanced tax capacity and efficiency of public spending
• Better utilisation of concessional finance through the replenishment of IDA1 and climate finance
• New financing tools to support deeper cooperation with developing countries

A new push for global water security, called Water Forward, was launched with the view to improve water security for 1 billion people by 2030, in partnership with other development banks and financiers. At the heart of the Water Forward initiative is country-led “water compacts,” in which governments define reform priorities, commit to strengthening institutions, and lay out investment pathways for their water sectors. This is of particular importance for countries like Namibia that are in water-stressed regions. On the investment side, the platform will prioritise projects that cut losses in urban networks, modernise irrigation, expand wastewater reuse, and improve data-driven planning so that scarce resources are allocated where they are most needed. This aligns very well with the aspirations set out in our Sixth National Development Plan (NDP6) which prioritises expansion of water infrastructure for domestic, agricultural, and industrial use. 

In addition to statutory engagements, the time in Washington D.C afforded me an opportunity to participate in a series of public-facing events to outline Namibia’s macroeconomic developments and shed light on policy priorities representing our Minister of Finance. I participated in fireside chats and closed-door investor sessions to share national economic strategies.
As we pursue our game plan of aligning the central bank to the new economy and position the Bank as a knowledge-based institution, I used the opportunity to meet with other central bank Governors to advance collaboration. These bilateral meetings focused on strengthening institutional collaboration and exploring strategic partnership opportunities across various functions of central banking.

I look forward to meaningful outcomes as we partner to deliver on our undertaking. All in all, my visit emphasised that the global economy is no longer just dealing with temporary shocks, but structural, long-term disruptions and central banks should be ready to respond within the prescribed guardrails.