it with the high standards demanded by the international community. the lack of proper tools is another reason for our low productivity. given the oversupply of labour in our economy, we tend to be labour intensive in our industries. our ratio of capital to labour is quite low. unfortunately, this equates to low productivity. it does not necessarily be so. we can still have labour intensive industries but higher productivity. this means that productivity must be internally driven by organisations or firms themselves. the introduction of performance contracts in the civil service is a classical example. another problem faced by us is the lack of up - to - date and appropriate technology. we still find some industry with outdated or inappropriate technologies. our sugar mills are an example. there are some industries that have taken advantage of the latest technologies and adopted international best practices, such as fiji water. of course, adopting new technologies cost money and a business case needs to be made. but those that have been able to adopt new technology have reaped good results whereas the others have lagged behind. in this regard the rationalization of telecommunications charges. they will help lower our cost of doing business and catalyze innovation to the industries. another factor is the skills in our workforce. education and retention of skills are important. because of our size, we have a limited pool of skill people. but to make it worse, we are losing them all the time. this is a graph of our emigration trend. they average around 5000 people a year. developed countries like australia, new zealand and canada reap the benefits of our training. its aid in reverse. but it is a free world! these countries themselves loose labour to other countries. global labour movement is intensifying and the global war on talents is fierce. the world is now the market place. fiji therefore must look elsewhere to fulfill its short - term skills requirements. this will add to our costs. but we cannot afford to wait around until we have the right skills. on the flip side, we are just beginning see the positive side of labour transfers with our soldiers in kuwait, care givers in the united states and rugby players in japan. one of the direct results of this export is the phenomenal rise in the remittances that we now receive from our workers and families abroad. last year it rose to about $ 315 million and counting. this blessing has come at the right time with our exports performing well below potential. how can we raise productivity? who should do

the financial system. the program or facility will not be considered to have a broad - based eligibility if fewer than five persons or entities would be eligible to participate, or if it is designed to assist a company avoid bankruptcy, resolution or insolvency ( including by removing assets from its balance sheet ) or aid a failing financial company. see regulation a, 12 cfr 201. 4 ( d ). in addition to the “ unusual and exigent ” circumstances and broad - based eligibility requirements, other conditions for making section 13 ( 3 ) emergency credit include obtaining the affirmative vote of a requisite number of federal reserve governors and the prior approval of the u. s. treasury secretary, the emergency credit is not extended to an insolvent borrower, the lending federal reserve bank is secured to its satisfaction, evidence is obtained regarding the unavailability of adequate credit accommodation from other banking institutions under prevailing circumstances to borrowers of the emergency credit, penalty interest rate is set for the emergency credit, and meeting disclosure / reporting requirements. see section 13 ( 3 ) of the federal reserve act ( 12 usc 343 ) and regulation a ( 12 cfr 201. 4 ( d ) ). bis central bankers ’ speeches in the u. s., given the restrictions on central bank lending, if a securities firm were to lose access to funding the remaining options available would be finding a means of replenishing the firm ’ s capital, selling assets, or selling all or part of the securities firm ’ s operations. while this might be manageable in the case of a firm - specific idiosyncratic shock, it might prove more difficult if a common shock was broadly hitting the securities industry. in this circumstance, the failure of one firm could increase the stress on other firms that were facing similar difficulties. if all of the requirements for section 13 ( 3 ) are met, the central bank could provide liquidity support. however, since this is not a certainty, it is worth considering possible alternatives. now that all major securities firms in the u. s. are part of bank holding companies and are subject to enhanced prudential standards as well as capital and liquidity stress tests, providing these firms with access to the discount window might be worth exploring. to me, this is a more reasonable proposition now than it was prior to the crisis when the major dealers weren ’ t subject to those safeguards. more generally, i am happy to report that the committee on the global financial system – one