Namibia just paid the West back, in cash, on time, mostly with its own money. $750 million Eurobond cleared in 1 day in October 2025, mostly from Namibian banks and a central bank sinking fund. In April 2026, the final IMF COVID loan was repaid. IMF balance, zero. Over 80% of government debt now sits in Namibia dollars, owed to Namibian institutions. When that 2015 Eurobond was first issued, $1 was buying around N$13. By the time it came due, $1 was closer to N$17. Same dollar loan, but the cost in Namibia dollars climbed with the currency. By the end of the decade, Namibia could be a real oil producer in the Orange Basin. Walking into that conversation owing zero changes every term sheet that follows. Whatever happens next, it happens on Namibia’s terms. #Namibia #Eurobond #IMF #SovereignDebt #GlobalArbitrage