Africa-Press – Namibia. Official opposition leader in the National Assembly Imms Nashinge has demanded a legislation regulating Namibia’s sovereign wealth fund.
He said the fund has been operating without a specific law governing its management, oversight and use of funds.
Directing his questions to Prime Minister Elijiah Ngurare, Nashinge sought answers on which specific existing laws or legal provisions the Fund is currently being administered.
Nashinge highlighted concern about running a public fund investment without a dedicated legal framework for such a prolonged period – three years.
The Fund’s Bill is still not tabled in the August House.
With bills collecting dust, an issue criticised by President Netumbo Nandi-Ndaitwah, he questioned if the administration can commit to a definitive date for its passage before the end of this parliamentary session.
He also questioned the action the government is taking to ensure the bill includes robust provisions for public transparency, parliamentary oversight and protection from misuse to gain the full confidence of the Namibian people, “Given the calls from institutions like the Institute for Public Policy Research for inclusive dialogue”.
In February last year, the sovereign wealth fund was reported to hold N$453 million since 2022.
The fund was launched by late president Hage Geingob in that year.
It is administered under the Bank of Namibia, and aims to enhance national resilience by insulating the socio-economic structure against cyclical shocks while promoting intergenerational prosperity for all Namibians.
This is through the distribution of benefits flowing from the present utilisation of the country’s natural resource endowments.
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