Observer Money

Cattle misfortune for Esau

Cattle misfortune for Esau

Staff Writer Former Fisheries minister, Bernhardt Esau who is currently incarcerated over his involvement in the Fishrot scandal, has had 50 head of cattle which were being kept on his behalf at Farm Sorondo in the Omaheke region, stolen. According to sources, Esau entered into an agreement with former Agricultural Bank of Namibia (Agribank) Credit Manager, Masilo Hochobeb to keep 300 head of cattle at his farm. “I have not been at the farm in four weeks, I will have to check with the workers,” said Hochobeb when contacted for comment. When quizzed over the agreement he entered into with…
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Gawaxab appointed BoN Governor

Gawaxab appointed BoN Governor

Staff Writer President Hage Geingob on Tuesday appointed veteran financial guru, Johannes Gawaxab as the new Governor of the Bank of Namibia effective June 1, 2020. “I congratulate you Johannes Gawaxab on your appointment and appreciate your willingness to bring your talents and experience of the financial services sector towards our tireless effort in building a united inclusive and prosperous Namibian house,” the President said. The move by Geingob to appoint Gawaxab to the helm of the apex banks comes after the head of state side-stepped long serving Bank of Namibia Deputy Governor, Ebson Uanguta who has been in his…
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Govt ponders Air Namibia, NWR, NAC bailout

Govt ponders Air Namibia, NWR, NAC bailout

Staff Writer Government, through the Ministry of Finance is considering a proposal from the Ministry of Public Enterprises to come to the aid of three parastatals which have had their operations severely affected by the global coronavirus outbreak. The three, Air Namibia, Namibia Wildlife Resorts (NWR) and Namibia Airports Company (NAC), are said to be in need of funding to meet their monthly wage bills, amounts expected to run into millions. This comes as Air Namibia is currently not generating any income after grounding its fleet, while NAC which generates revenues by managing the country’s airports has been forced to…
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Police to investigate Swapo over party

Police to investigate Swapo over party

Staff Writer Popular Democratic Movement (PDM) on Monday laid charges against the ruling Swapo Party for violating national lockdown regulations when it hosted a party to mark its 60th anniversary. The birthday party which was attended by current President Hage Geingob, Founding President Sam Nujoma and Former President Hifikepunye Pohamba among others has been condemned by the opposition party amid concern the action of the ruling party violated set down lock down regulations against gatherings. “How do you go against your own regulations as a party and government, and expect the citizens to adhere to the regulations. They contravened the…
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578,863 apply for N$750 grant

578,863 apply for N$750 grant

Staff Writer The Ministry of Finance says as of Monday it had received a total of 578,863 applications for the Emergency Income Grant. According to the ministry 234,345 of the applications have been approved, translating to total payments of N$176.76 million. The Emergency Income Grant (EIG) is a once-off payment of N$750 in cash per qualifying person introduced by government through the Ministry of Finance to assist individuals on the basis of having lost income or experienced difficult circumstances during the COVID-19 lockdown periods. The grant according to the Finance ministry seeks to provide interim relief for the most vulnerable…
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Rent pressure mounts

Rent pressure mounts

Staff Writer A rent default crisis is looming come month-end. A number of individuals and businesses have been negatively affected by the outbreak of the coronavirus. They will struggle to meet their monthly rent payments. The country’s precarious position will also cause a bulk of homeowners to struggle to service their monthly home repayments. This comes amid mounting job losses due to the government-imposed lockdown to battle the COVID-19 pandemic. This situation is compounded by an already weak economy. Financial services company, Cirrus Capital estimates the country could lose as much as N$2 billion per week. This is due to…
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Namibia lags in Covid 19 testing

Namibia lags in Covid 19 testing

Staff Writer Former Health Minister and National Coordinator of the Covid-19 task team, Bernard Haufiku says with the current low number of Covid-19 tests conducted in relation to the population and disappointingly high level of people movement, the country cannot confidently say it’s on top of the pandemic in Namibia. According to Haufiku the country should have carried out 5,000-10,000 tests by now, more than a month since the country announced its first positive case in March. “The less than 500 tests we have carried out so far is nothing in relation to our population. We should at least have…
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Tabling of national budget postponed

Tabling of national budget postponed

Newly appointed finance minister Ipumbu Shiimi has confirmed that the 2020 Appropriation Bill will be delayed until further notice. The decision is a direct result of the state of emergency declared by president Hage Geingob on 18 March 2020 in response to the deadly and fast-spreading COVID-19 virus. Meanwhile, the finance ministry has requested all government entities to comply strictly and to continue utilizing proper authorisation procedures, as well as to continue applying prudent financial management measures during the state of emergency and beyond. Since the outbreak of COVID-19 analysts have been calling for a massive stimulus package to mitigate…
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Pinehas new chief of the NDF

Pinehas new chief of the NDF

President Hage Geingob this week appointed Air Marshall Martin Kambulu Pinehas as the new chief of the Namibia Defence Force (NDF). Former commander of the Namibian Air Force (NAF) Pinehas’ appointment became effective on Wednesday, 1 April as he replaces Lieutenant General John Mutwa. “President Hage Geingob appoints Air Marshall Martin Kambulu Pinehas as chief of the Namibian Defence Force in his capacity as commander-in-chief of the Namibian Defence Force and by virtue of the power vested in him by the country’s constitution,” a statement from the presidency read. According to the statement as CDF, Pinegas will be called upon…
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Free water will cost CoW millions

Free water will cost CoW millions

The reconnection of running water for many cash-strapped Windhoek residents, especially those living in the burgeoning informal settlements surrounding the capital, is expected to cost the city an estimated N$8.9 million, according to the Chief Executive Officer, Robert Kahimise. Kahimise made the announcement this week during a media conference in the council chambers. He said the council approved an emergency response plan to help mitigate the risks associated with the virus. The measure will also benefit about 1 200 taps or households of clients who were disconnected for non-payment. Around 18 water tanks have been deployed strategically at various locations…
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