Finance Minister, Ipumbu Shiimi on Thursday announced that Government has raised an amount of N$627 936 827.10 from the fishing quotas auction that took place between 17 and 21 August. The minister said the amount includes application fees. In a statement on Thursday, Shiimi said the auction amount is equivalent to 100% more or two times when compared to the N$315 366 400 which could have been raised if the Governmental Fishing Quota was sold at the reserved prices. 'As a result, it has now been proven beyond doubt that the Government was right to take a decision to test the market in order to establish the true value of its fisheries resources. With this amount, we are confident that it will go a long way in funding priority programs such as improving sanitation, hostel facilities and other expenses exacerbated by COVID-19,' said the minister. Earlier this month Government decided to auction off its objective fishing quotas on an open market to raise funds to mitigate the effects of the novel coronavirus on the public health sector. Governmental objective quotas were disposed of through Fishcor, a method which was terminated after the company became a subject of an investigation following the Fishrot corruption scandal which involves Fishcor’s former chief executive officer, Mike Nghipunya as well as former Fisheries and Marine Resources Minister, Bernhardt Esau and eight other co-accused. The Government auctioned off 11 000 metric tons of Hake, 72 000 metric tons of Horse Mackerel and 392 metric tons of Monk. Shiimi said the exercise should serve as a reminder to the Namibian nation that Government remains committed to ensuring that the country's natural resources can be utilised for the good benefits of all in different ways. "With this, we are proud of what we have raised from this exercise at a time when we are faced with competing demands due to COVID-19," he cited. Furthermore, the minister said the payments by successful bidders are expected to be made to the State Revenue Account ACC 165000 at the Bank of Namibia by 31 August and not later than 15h00, as per the requirements of the State Finance Act of 1991. The allocation of the proceeds from the auction will be made to expenditure items during the Mid-term Budget review and voted for in Parliament as per the State Finance Act, (Act 31 of 1991). -NAMPA