Namibia's central bank has introduced a new policy to assist the drought-affected farming sector. Starting from October 23, lenders are required by the Bank of Namibia to implement measures such as loan restructuring, debt moratoriums, and emergency funding with preferential terms.
The initiatives aim to ease the financial burden on farmers and stabilize the agricultural industry, which has been significantly impacted by the ongoing drought. The central bank's proactive approach demonstrates its dedication to supporting the agricultural sector during this challenging period.