the unprecedented health emergency, the focus of public policies – in albania and globally - was the undertaking of severe social distancing measures. naturally, these measures have hit the economic activity and have demanded for a comprehensive easing of fiscal, monetary and financial policies. 1 / 4 bis central bankers'speeches fiscal policy – rightfully - has been given a primary role in facing the situation. this policy may provide a direct support to aggregate demand, through fiscal transfers, and an immediate and targeted improvement of liquidity to enterprises, through the postponing of the payment of taxes and through the sovereign guarantees programs. the two introduced fiscal packages, so far, provide for a maximum potential stimulus at around 3 % of gdp. even without considering the negative effect on public income, this stimulus transfers to the balance sheet of public sector a considerable part of the financial costs of the crisis. on its side, the bank of albania has increased the dosage of the monetary stimulus. this stimulus has been taken the form of the reduction of policy rate, already in its historical minimum of 0. 5 %, aiming to boost lending and reduce the servicing cost of existing loans. also, it has been in the form of removing the quantitative limits of liquidity injection into the system, aiming to a better supply of the banking market and the albanian economy. the volume of liquidity that we inject every week in the system fluctuates around the level 2 %. in addition, the bank of albania has undertaken operational measures for guaranteeing the supply of economy with cash, in response to its increased demands. in parallel, the bank of albania – in an agreement and good understanding with banking industry – has carried out regulatory amendments which ease the postponing with one quarter of the credit payment for firms and households which face temporary financial difficulties. the reports, so far, show that more than 20. 000 firms have benefited from this easing, who have a credit at banks which account for higher than eur 2 billion. also, we have temporary suspended the allocation of dividend by the banking sector, for the purpose of strengthening the capitalisation indicators of this sector. dear guests, the reaction philosophy of the bank of albania is the mitigation of crisis consequences and the establishment of preconditions for a rapid recovery of the economy once the pandemic is overcome. in detailing this philosophy, we deem that : the safeguarding of the monetary and financial stability, and the minimisation of the negative effects of pan

barry whiteside : development of microfinance in fiji opening speech by mr barry whiteside, governor of the reserve bank of fiji, at the south pacific business development ’ s first year anniversary, suva, 7 december 2011. * * * mr. gregory casagrande – founder of the south pacific business development group, mr. elrico munoz – general manager, south pacific business development microfinance fiji ltd, management, staff and members of south pacific business development microfinance fiji, our lady entrepreneurs distinguished guests, ladies and gentlemen. a good afternoon and bula vinaka to you all! it is an honor and great pleasure to be here with you today to celebrate south pacific business development ( spbd ) fiji ’ s first anniversary as a microfinance institution in fiji. from what i have heard, it has certainly been a year of many successes. i wish to thank elrico for his kind invitation and i congratulate spbd for its impressive achievements in providing inclusive financial services to almost 3, 000 women and organizing more than 145 village - based groups throughout the rewa, tailevu, namosi, suva and lami areas. what a wonderful achievement! women and microfinance the theme for your foundation day of “ empowering women through microfinance ” is a very fitting one. it not only reflects the work that is being done by spbd, but also serves as a national call to encourage women to believe in their talent and skills and to use these effectively to improve their families livelihoods. i applaud the management and all you micro entrepreneurs of spbd for taking up this initiative and excelling in it. the availability, to previously unbanked and underserved areas, of small loans, savings and investment opportunities, micro - insurance and other financial products and services, provides a truly powerful tool for social and economic change, especially for women. several studies reveal that by having access to some form of financial services, women have become more confident and more independent. they are receiving the recognition that they deserve in their families, their communities and their villages. today, women play a crucial role in decision making. i believe that all clients of spbd fiji present here today have experienced this change and it is definitely a positive one for our whole country. this is what microfinance is all about, empowering women, making a positive change that spreads its benefits not only to your family members, but also