Namibian president appoints business rescue team for COVID-19 ravaged economy

WINDHOEK, June 29 (Reuters) – Namibian President Hage Geingob on Tuesday appointed an 11-member Business Rescue Task Force to review business and insolvency legislation with the aim of rescuing businesses in financial distress.

The Southern African nation, whose mining and tourism dependent economy has been ravaged by the COVID-19 pandemic, is in the midst of a deadly third wave of infections that is threatening to take more businesses under.

The task force, which consists of individuals with skills and experience in corporate management, banking, legal and insolvency laws, legal drafting and entrepreneurship, will start work on July 1 for a period of eight months, the president’s office said.

It will also recommend policy options, approaches and amendments to specific laws and regulations required to strengthen entrepreneurship.

Business rescue is a local form of bankruptcy protection.

“Covid-19 has led to adverse socio-economic impacts and untold…

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