already publicly clarified in the 2019 resolution planning guidance that firms can assume discount window access in their title 1 plans if they can meet the terms for borrowing, such as recapitalizing the bank subsidiary. 10 we could build on this approach by also allowing firms to rely on the discount window in their ilsts as a means of monetizing, for example, treasury securities in their scenarios. this approach would acknowledge a role for the discount window in stress planning, improve the substitutability of reserves and treasury securities in firms ’ hqla buffers, and maintain the overall level of hqla that firms need to hold. such an approach see the note to table 5 in board of governors ( 2019b, p. 14 ). see board of governors and fdic ( 2019 ). - 12 could improve the efficiency of monetary policy implementation, as firms might show a greater willingness to reallocate to treasury securities, reducing reserve demand and improving market functioning. an additional advantage of such an approach is that it could further improve the incentives of firms to be prepared to use the discount window, which we already know is important for contingency planning. if firms were to include the discount window in their plans for how they will weather a stress scenario, they would also need to demonstrate to supervisors that they are prepared to use it to ensure that their plans are credible. also, with this approach, we would not need to set up any new programs. in connection with this, we are closely examining how international counterparts treat the equivalent of discount window access in their banks ’ stress - planning scenarios. another approach could be to set up a new program or facility : for example, there has been much discussion among market participants, as well as policymakers, about the potential benefits of setting up a standing repurchase agreement, or repo, facility for banks and how such a facility could improve the substitutability of reserves and treasury securities for these firms. 11 while this option is still of interest, there may be benefits to working first with the tools we already have at our immediate disposal. finally, some firms and industry observers have pointed to the surcharge for global systemically important banks, and its partial dependence on year - end inputs, as potentially for additional discussion on the possible role of a standing repo facility ( srf ) as part of the monetary policy implementation framework, see board of governors ( 2019a ). the discussion highlights how the design of an srf would differ

trading barriers and forced small nations to compete for a market for their goods and services internationally. • weather and environment problems, beyond our control, hinder economic performances as disaster recoveries are costly. rising sea levels, a result of global pollution, is a major issue that are already forcing islanders from their homes. • capacity constraints in pacific islands include a lack of skills and resources, necessary for economic development. the migration of skilled workers, exacerbate these problems. • political stability is required to ensure an environment conducive for investment. 5. what is the single major challenge for pacific islands? • pacific islands need to lift their economic growth levels. • growth must be sustainable and inclusive driven by private sector investment. • long - term sustainable growth is the only way to create jobs, improve living standards and reduce poverty. • millennium developments goals must be pursued actively. 6. how can we raise growth sustainably? • private sector development is needed to become the engine for growth. there is currently too much reliance on governments for direct investment and employment creation. • private sector development can give our small island economies the sustainable platform that we need. • such development can also in the long term ease the burden on governments. • private sector development continues to be a challenge because of good governance issues, uncertainty of policy consistency by the government, poor infrastructure and the need for law and order. 7. role of the state • the role of state is to create an environment that encourages private sector development through appropriate policies, services and infrastructure. • they are responsible for the provision of public goods and social services. • “ the best government is the least government ”. it is ideal when employment is created by the private sector, not governments. 8. lesson from asia – what else is needed? • investment is the greatest hurdle. raising investment by seeking out its impediments and removing them. to reach the average level of investment of developing countries, that is, 25 percent of gdp, fiji needs an additional $ 400m in investment. • economic growth cannot be lifted sustainably without reforms. the benefits of reforms include improved delivery of service, better allocation of resources and reduced tax payers ’ burden. • a few challenges remain for fiji given its smallness and vulnerability. a. improving our exports level and base through diversification b. improve our competitiveness through greater capacity utilisation and resource allocation c. raising our productivity in order to improve our competitiveness d. political stability has to