Namibia sets up sovereign wealth fund

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The Namibian cabinet on Saturday revealed plans to set up a sovereign wealth fund for the country.

A statement released by the cabinet said the sovereign wealth fund will be set up by the country’s Minister of Finance to secure savings for the country’s future.

The Namibian cabinet assigned the Ministry of Finance a task to research and find an appropriate model and plan for the setting up of sovereign wealth fund.

According to the statement, the fund will see Namibia setting aside funds as savings that will be used in times of challenges. (Xinhua/NAN)

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