Namibia appoints task force to rescue businesses in financial distress amid COVID-19

Hage Geingob
Hage Geingob

Namibia’s President Hage Geingob on Tuesday appointed a task force to rescue businesses in financial distress amid COVID-19.

The task force, which will become effective Thursday, will review business and insolvency legislation, laws, regulations, and policies and make recommendations for amendments and regulations, so as to rescue businesses in financial distress.

The need for such a task force has been recognized with urgency following the outbreak of COVID-19 and has been framed as a crucial intervention in the economic advancement pillar of the Harambee Prosperity Plan II, the Presidency said in a statement.

“COVID-19 has led to adverse socio-economic impacts and untold losses for businesses, which were largely unanticipated. Therefore, I expect the members of this task force to ensure the efficient and effective rescue and recovery of businesses in financial distress, preserving jobs and entrenching a stronger entrepreneurial culture in the country,” said Geingob in the statement.

Geingob said at the end of its mandate, the task force should provide the government with a framework that can serve as the basis for policy interventions that can contribute meaningfully to business recovery, including an environment that promotes sustainable entrepreneurship.

The members of the task force, appointed for a period of eight months, consists of individuals with skills and experience in corporate management, banking, legal and insolvency laws, legal drafting, and entrepreneurship. Enditem

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