AFRICA - The International Monetary Fund (IMF) has urged the Namibian authorities to consider prudential limits on the large equity exposure of pension funds and insurance companies.
Upon conclusion of its consultation with Namibia, the Executive Board directors recommended authorities “move expeditiously” in making the supervisory agency for the nonblank financial sector fully operational, and to consider limiting equity exposure.
The IMF said while external debt remains low, Namibia’s capital account has been marked by increasing outflows over the past few years, which has contributed to a decline in international reserves.
This reflected Namibian pension funds and insurance companies seeking broader investment opportunities in South Africa’s financial markets, the fund added.
“[Directors] supported the authorities’ efforts to develop domestic financial markets, which should provide more domestic investment opportunities to the rapidly growing pension funds and insurance companies, and help contain investment outflows,” the IMF said.
“In this context, they called for reconsideration of the proposed regulatory amendments to tighten domestic asset requirements.”
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