(Bloomberg) -- Namibia’s plans to retire two-thirds of its $750 million eurobond due next year are progressing well, its central bank governor said.
Finance Minister Ipumbu Shiimi in February said the government would transfer money into a sinking fund, enabling it to retire $500 million of the eurobond at maturity in 2025.
The latest figures show Namibia has set aside about 82% of that, Governor Johannes !Gawaxab told reporters Wednesday in Windhoek, the capital.
“We have got about $407 million so far in the plan,” he said at a briefing in which he announced a 25 basis-point interest-rate cut. “So how’s the plan going? It’s going very well.”
The minister had also said the arid southwest African nation aims to refinance the rest of the eurobond using the most-cost effective instruments.
“On $250 million, we need to think about how best we refinance that,” !Gawaxab said.
The eurobond due Oct. 29, 2025, is the largest single-day debt maturity in the country’s history. Paying most of it off could make it less susceptible to future shocks.
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