Finance Minister Iipumbu Shiimi

Swapo divisions re-emerge over Air Namibia
16 Feb

Swapo divisions re-emerge over Air Namibia

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Andrew Kathindi Divisions in ruling Swapo’s party have once again resurfaced in light of the Air Namibia matter after a Swapo’s parliamentary caucus has demanded the reversal of a decision made by a Swapo-led Cabinet on the liquidation of Air Namibia. This comes as Swapo affiliated National Union of Namibian Workers (NUNW) along with several other unions have planned a mass public demonstration against government’s decision to liquidate the airline this week. “This just is a sign of the party internal disarray. A significant number of higher-ranking party officials are in government and Cabinet positions. Hence it could have been…
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Govt ponders fishing quota auction decision …as committee drags its feet
26 Jan

Govt ponders fishing quota auction decision …as committee drags its feet

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Andrew Kathindi Government is pondering its next move with regards to the auctioning of its governmental fishing quotas after a paltry return and disorganized process in the previous effort held in August last year. This comes after the technical committee, which was set up by Finance Minister Iipumbu Shiimi, to guide the government on the possibility of future auctions, is still to offer its recommendation. The committee has not presented its findings nearly a month after the start of the horse mackerel season and three months after the start of the hake fishing season. “The technical committee is still finalizing…
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No plans to close Fishcor
16 Oct

No plans to close Fishcor

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Andrew Kathindi Public Enterprise Minister Leon Jooste has no plans to close the doors on Fishcor after the Fisheries and Finance Ministers vowed to forge ahead with auctioning off quotas it previously allocated to Fishcor. Earlier this month, Finance Minister Iipumbu Shiimi announced that government only managed to get a paltry $8.4 million from an initial N$627.9 million worth of bids for its fishing quotas. This however has not deterred the Fisheries and Finance Ministry as they will forge ahead with a new round of auctions. “I believe that there are various options available to continue with the operations of…
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Namibia ponders auctioning all fishing quotas
07 Oct

Namibia ponders auctioning all fishing quotas

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Andrew Kathindi Government is considering auctioning off all fish quotas for future allocations, and not just its portion kept for governmental objectives, Finance Minister Iipumbu Shiimi has revealed. This possible government action comes from the Presidential High-Level Panel on the Namibian Economy (HLPNE), which was appointed by President Hage Geingob last year. The Panel has the scope to consult and make recommendations to the President on the Namibian economy. It recommended that government auction off its fish quota for governmental objectives. These quotas were, in the past, handed to Fishcor to facilitate their disposal. Last week Shiimi revealed that the…
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Govt raises paltry N$8.4m from quota auction …as second auction is slated for November
01 Oct

Govt raises paltry N$8.4m from quota auction …as second auction is slated for November

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Andrew Kathindi Government said it will require bidders to prove financial stability in their next round of fishing quota auctions in November after only managing to secure N$8.4 million from an initial N$627.9million worth of bids. Finance Minister Iipumbu Shiimi said that even though most of the successful bidders of the auction, which took place last month, had requested for an extension to settle their dues, most of them did not keep their payment commitments as they were expected to settle their allocations by 2nd September 2020. “In the future, punitive measures will be introduced including requirements for payment guarantees…
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State assets valued at N$11.9 billion…as Shiimi admits non-compliance
26 Sep

State assets valued at N$11.9 billion…as Shiimi admits non-compliance

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Andrew Kathindi The Namibian government has assets worth N$11.9 billion as of 16 September, Finance minister Iipumbu Shiimi has revealed. Of this, the state has movable assets amounting to N$3.9 billion, which include stock, equipment, furniture and vehicles while immovable assets, including land, plants (factories) and buildings stand at N$7.9 billion. The combined total value of movable and immovable assets is N$11.9 billion. The government’s value of immovable asset consists of 692 farming units and 744 housing units. “With regards to resettlement farms, to date Government has spent about N$2.3 billion to acquire about 558 farming units measuring about 3,376,965…
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Shiimi pushes for Shivute at NamRA …as board remains in the dark
02 Sep

Shiimi pushes for Shivute at NamRA …as board remains in the dark

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Staff Writer Bank of Namibia (BoN) Director of Banking Services, Sam Shivute is front runner to land the Commissioner position at the newly established Namibia Revenue Agency (NamRA) amid allegations that Finance minister Iipumbu Shiimi has deliberately pushed through the candidature of his former colleague in a questionable recruitment process. This comes as insiders revealed that Shiimi had forwarded three names for cabinet’s consideration, with Shivute scoring 20 points more than other candidates despite his lack of an accounting or tax background, a key requisite for the post. The scoring of the Shivute is said to have raised concern among…
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Shiimi launches Credit Guarantee Scheme for SMEs
21 Aug

Shiimi launches Credit Guarantee Scheme for SMEs

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Staff Writer Finance Minister Iipumbu Shiimi has announced the commencement of the Credit Guarantee Scheme for SMEs. The scheme will provide collateral cover of 60 percent for qualifying SMEs applying for finance from participating commercial finance institutions. “The rationale behind the Credit Guarantee Scheme is that there are SMEs with excellent prospects for success and viable business plans, but lacking the necessary collateral to obtain loans. Commercial finance institutions require the security of collateral to ensure that their capital is preserved in the event of an SME being unable to repay their loans. By insuring credit granted to qualifying SMEs,…
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Church tax still under consideration
21 Aug

Church tax still under consideration

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Andrew Kathindi Ministry of Finance says plans to tax churches remains under considering two years on, with Finance minister Iipumbu Shiimi still to pronounce himself on the way forward. This comes after then finance minister Calle Schlettwein had stated in 2018 during his Budget Speech plans to probe Section 16 of the Income Tax Act to include taxing religious organisations such as churches. “The proposal is still on the cards but not yet tabled to parliament as consultation with the new Minister on this particular amendment is yet to be done,” finance ministry spokesperson, Tonateni Shidhudhu told the Windhoek Observer.…
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GIPF adequately funded for any eventualities
29 May

GIPF adequately funded for any eventualities

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Staff Writer The Government Institutions Pension Fund (GIPF) says it’s in a position to pay all pension benefits due to its members in the public service in the event government considers retrenchment as a means to save on its ballooning wage bill. This comes as Finance Minister Iipumbu Shiimi in his maiden budget statement on Wednesday raised concern about the unsustainable government wage bill in light of declining revenues. “In the event that government decides to retrench members of the public service we are in a position to honour any accumulated liabilities due to members. The Fund has adequate assets…
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