Our Central Bank Head, Sada Reddy must be permanently in Lala Land if he thinks that setting up a Task Force that will monitor "financial inclusion" (?) is going to stimulate the economy.
No matter how they spin it, and no matter how they want US to spin our dough the country's fiscal position is in extreme dire straits.
Fiji Taskforce To Monitor Financial Inclusion
February 16, 2010 11:59 a.m. EST
Ana Tudrau-Tamani - AHN Fiji Correspondent
Suva, Fiji (AHN) - A National Financial Inclusion Taskforce has been set up by the Reserve Bank of Fiji (RBF) to develop greater financial inclusion in the country.
This, according to the RBF governor Sada Reddy, includes providing opportunities for unemployed individuals or families to set up micro businesses, which would create employment and provide income to support their families.
The notion of such a taskforce was developed at a workshop in 2009 whose objective was to reach out to around 150,000 new clients in Fiji by creating new financial products.
The 11-member taskforce will include at least four private sector representatives.
In appointing the taskforce, Reddy said it was important to involve the private sector because they have the resources, expertise and the means to support the development of financial services and make it available to those that need it most.
"Financial inclusion is an important framework for addressing poverty alleviation and economic development in a country," Reddy said.
Last year Reddy directed the RBF to give more attention to this area and has since been a vocal advocate of providing an enabling environment that allows everyone to fully participate and contribute to the economy.
The RBF is committed to the development of the microfinance sector in Fiji and in ensuring access to financial services, or financial inclusion, for all segments of society, he said.
"In this regard a number of initiatives have been taken. In December 2009, the RBF issued a microfinance policy guideline for the establishment of microfinance units by the commercial banks," the bank official said.
"This will allow banks to extend sustainable banking financial services such as deposits, loans, payment services, and money transfers to the poor and low-income households and individuals, and to the micro and small enterprises," Reddy explained.
The taskforce will have its first meeting Feb . 17. Other stakeholders will be engaged in Working Groups to assist in implementing the financial inclusion strategy for Fiji.
1 comment:
We have to congratulate Mr Reddy! This financial inclusion task force will turn the economy around. Why think about the demise of sugar and tourism when we can have a nice micro-finance task force. The drivers of our economy are caught in downward spiral that even a legitimate and competent government would have difficulty to reverse. Debt is out of control and the next devaluation of the Fiji Dollar is imminent. Welcome to the Pacific Zimbabwe. I suggest to establish a receivership task force, because the country is actually bankrupt.
Post a Comment