Namibia's overall balance of payments recorded a US$517m deficit last year, compared with a US$129m surplus in 2009, reflecting the much smaller current-account surplus and a larger deficit on the capital and financial account, which has traditionally been in deficit. Net foreign direct investment inflows rose by 42% to a record N$6.3bn, owing to the trebling of reinvested earnings to N$4bn, whereas portfolio investment net outflows rose by 13% to N$5.6bn. These largely comprise purchases by Namibian pension funds and insurers of South African assets. Of the remaining components of the financial account, other long-term investment turned in a small deficit, compared with a substantial surplus in 2009, that being largely due to the allocation of new special drawing rights (SDRs) by the IMF. Other short-term investment showed a reduced deficit, mainly owing to higher drawings on investment assets, particularly by mining companies.

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