Economics
Namibia Auctions Fishing Rights to Raise Money for Virus
- Government plan is To Sell 60% of horse mackerel, hake quotas
- The auction is a measure to urgently raise foreign exchange
Photographer: SeongJoon Cho/Bloomberg
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Namibia plans to auction the right to catch horse mackerel and hake off its coast to foreign fishing vessels to urgently raise money to fight the coronavirus pandemic.
The country’s fisheries ministry on Monday announced plans to sell 60% of its so-called Governmental Objective Fish Quota. Along with tourism, beef and mining, fishing is one of Namibia main sources of foreign exchange.