National News – Page 425 – Windhoek Observer

31 Mar

Tourism is too big to fail . . . banks must step up in this time of crisis

ObserverNational NewsBanks, Covid-19, Namibia, tourism

The financial crisis that the country has experienced over the last three years is heightened for the tourism sector due to COVID-19. The sector is drowning right now with a lockdown and closed borders. There will be major business contractions in 2020; this is unavoidable. But, some industries are “too big to fail”. Tourism (including restaurants/cafes, professional hunting and communal conservancies) is one of them. The banks must take the lead, along with government and the private sector, to make tangible, well-considered bailout plans to save the stronger parts of the industry before it is too late. We note that…

30 Mar

Banks dodge loan relief

ObserverNational NewsBAN, Bank of Namibia, Banks, Covid-19, Namibia Chamber of Commerce and Industry, Standard Bank

Staff Writer Namibian banks are reluctant to offer relief packages to their clients in the wake of the coronavirus pandemic as the country battles to contain any possible transmission from the 11 confirmed cases, despite banks in other countries including South Africa having done so. This comes amid calls for banks operating in Namibia, which have been recording multimillion-dollar profits over the many years, to assist their clients during this period. In South Africa, Standard Bank announced that it will offer a three-month payment holiday for students with loans and small businesses with a turnover of less than N$20 million…

30 Mar

Africans vs social distancing

ObserverNational NewsAfricans, Covid-19, social distancing, World Health Organization

As we reach day 3-4 in our national lockdown, one of the logistical ‘gaps’ to emerge is the Namibian understanding of social spacing vs that of the world health officials who have made the global call for it. While our government has been exposed as lacking in pre-planning, situational needs anticipation and implementation capacity to properly enforce the lockdown, at least they are trying. Though, protecting against a virus that can stay alive on surfaces for days and hang in the air for minutes, our kind of ‘trying’ is a weak link in the chain. What sense does it make…

26 Mar

What happens the day after?

ObserverNational NewsCovid-19

The CEO of the Government Insurance Pension Fund (GIPF), David Nuyoma made a comment this week that needs to be repeated. He said, “The GIPF will not be making any rushed investment decisions [due to the virus].” This wisdom needs to be injected into our Covid-19 mitigation ideas and plans right now. Programs must not be entered in a rush of ‘doing something’ about Covid-19. When the virus emergency passes, as it eventually will, the after crisis recovery could be worse for the already-stressed Namibian economy. When the Titanic hit the iceberg, the crew, in its haste to ‘save as…