‘Support needed Report: Ensure finances for small entities’ managed
FORTY per cent of microbusinesses in Fiji owned by women will need government support for recovery after being hit by COVID-19, states a new report by the Asian Development Bank (ADB).
The Pacific Economic Monitor report stated these microbusinesses were the main sources of employment for women.
The ADB report read Fijian women would need to access credit markets and training on running micro, small and medium-sized enterprises was also required.
“Longer-term recovery plans should include incentives (such as trainings and concessional loans for start-ups) to stimulate women’s participation in potential growth areas,” stated the report.
The Government may also consider increased appreciation of the care economy, with women comprising 63 per cent of health workers in Fiji, the report stated.
“This entails the strengthening of support provided for healthworkers, particularly for women who usually need to juggle household care work and frontline care duties.
“Passing laws that will promote and strengthen childcare protection can increase parents’ confidence in the childcare services.
“At the same time, the growth of childcare services can provide more opportunities for more women in the formal sector employment.”
THE Fijian Government needs to ensure its finances are properly managed to accelerate economic recovery after the second wave of the COVID-19 pandemic, states a new report released by the Asian Development Bank (ADB).
The Pacific Economic Monitor report stated there were several policy actions that the Fijian Government could take in the short term.
“But efforts must be taken to address the broader macroeconomic imbalance once recovery takes hold,” stated the report.
“Fiscal consolidation strategies should focus on growth-friendly revenue measures and restrained expenditure levels, which are crucial to put debt on a downward trajectory.”
Aside from sound fiscal management, the Fijian Government had been told to unlock the potential in Fiji’s primary sector as an economic alternative to improve its resilience to shocks, the report read.
“Another area worth looking at is increasing women’s participation in the labour force, which can contribute to higher productivity and sustainable recovery, and improve other development outcomes.”
The ADB report stated Fiji was one of the hardest-hit economies in the Pacific sub-region when the COVID-19 pandemic pushed governments worldwide to implement border closures and movement restrictions.