74% of MSME’s have either closed temporarily, permanently or operated on reduced hours due to the second wave of COVID-19 – Koya

Minister for Commerce and Trade Faiyaz Koya has revealed in Parliament that their survey on the second wave of the pandemic of more than 2,200 Micro, Small and Medium Enterprises has shown that 74 % of them have either closed temporarily, permanently or operated on reduced hours.

While giving a ministerial statement, Koya says 77% have suffered more than 50% decline in revenue and 90% were not able to diversify services.

He says the MSMEs are critical to the success of our economic recovery and they are the bedrock of any economy.

Koya also says these are the realities they are aware of and not shying away from.

Koya adds they are excited about the $200 million financial package rolled out by the Reserve Bank of Fiji and commercial banks — a much-needed lifeline to businesses.

He says by guaranteeing loans between 80 to 90% for MSMEs, and paying interest for 2 years, they are freeing up their minds to think bigger and better.

The Minister says they are pleased that the 2021-2022 Budget continues to support grassroots programmes, such as Young Entrepreneurs Scheme (YES), Northern Development Programme, Integrated Human Resources Development Programme (IHRDP) and National Export Strategy (NES) — amounting to $1.4 million.%