Popular Democratic Movement (PDM) member of parliament Inna Hengari says the growing number of Namibians who are in debt and struggle to pay their loans is concerning.
She says the debt crisis, particularly among civil servants, is a matter of urgent concern.
Hengari said this in the National Assembly on Wednesday.
“When a significant portion of the population is in debt, it weakens the entire financial system,” she said.
She said Namibians are increasingly taking out loans they cannot repay.
This results in defaults, which harm both individuals and lenders, further destabilising the economy.
“The situation is worsened by stagnant salaries and the rising cost of living,” she said.
“This is why I have tabled a motion for the parliament to debate this critical issue. It’s not just about loans – it’s about protecting consumers, ensuring financial fairness, and addressing the growing inequality in our country.
“By having this debate, we aim to reform laws, regulate lending practices, and promote sustainable economic development,” she said.
According to Hengari, nearly half of Namibians, especially civil servants, are drowning in debt.
“Meanwhile, lending institutions like the infamous Letshego made a profit of N$199 million in just six months, which highlights the big gap between the financial success of lending institutions and the struggles of ordinary people,” she said.
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