Government's debt stock decreased in 2007 to N$11.6 billion from N$13.6 billion in the previous year, the Bank of Namibia said in its 2007 Annual Report. The bank said the decrease, which amounts to 22% of the GDP, was slightly lower than the 28 % recorded for the previous year.

Domestic debt declined by 19.6% to N$8 billion at the end of December 2007, compared to N$10.9 billion at the end of 2006, the report said.
The report said since March 2007, no bonds have been auctioned, resulting in a sharp decline in total domestic debt to N$8.8 billion at the end of last year. Further declines are projected for the rest of this year, the report said.
The central bank said total external debt increased to N$2.9 billion at the end of December 2007, from N$2.7 billion the previous fiscal year. The increase in external debt was primarily confined by disbursement to some creditors to fund key projects, which included the expansion of a railway line to Angola and infrastructure projects including a new State House.
The bank said, as a result, the contribution by external debt to the total debt stock increased to 24.7% at the end of last year, from 20% in the previous year.
The central bank said loans from bilateral creditors continue to dominate the composition of external debt, accounting for 52%. This was however lower than the 60.2% recorded for the previous financial year, the bank said.