The Namibian government will for the first time auction its 60 percent share of the country's annual horse mackerel and hake output to the highest bidder.
The proposed auction of the government's fishing quota would be the first of its kind in the country.WINDHOEK - The Namibian government will for the first time auction its 60 percent share of the country's annual horse mackerel and hake output to the highest bidder by the end of October, as it scrambles to raise funds for equipment and medicines to fight the coronavirus pandemic, according to a government letter seen by Reuters.
"Government is in need of financial resources on an emergency basis with a view to mitigate the effects of COVID-19," Albert Kawana, the minister of Fisheries and Marine Resources, said in a letter to the fishing industry, seen by Reuters on Monday. Last month Namibia approached the International Monetary Fund for a 4.5 billion Namibian dollars emergency loan to help it fight COVID-19.
Fishing is the third-biggest contributor to Namibia’s gross domestic product, after mining and agriculture, contributing around N$10-billion in foreign currency earnings annually.
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