our fijian community. thanks must go to the ministry of education for taking on the role with such enthusiasm. having established this initial footprint in the schools, i am of a strong view that there is now a need to go a step further. all our youths that leave school and tertiary institutions tend to come out with the view to getting a good job and working for someone else. there is no problem with that. i know i did this and my daughters did this as well. but, i would love to give my grandchildren an alternative mind - set when they complete their schooling and that is the ability and desire ( if it is there ), to establish their own businesses and work for themselves. now, more than ever, we are seeing the importance of micro, small and medium enterprises ( msmes ) across the world as extremely important contributors of jobs and economic growth. fiji should be no different. i would like to see built into the education curriculum as we have done with our initial steps of financial education, some training in entrepreneurial skills and thinking. it would be nice to witness a portion of our youths developing the necessary skills to be able to work for themselves by setting up their own small businesses. “ work for self ” or “ be my own boss ” could be slogans championed to create a paradigm shift in the mentality and attitude of how our youths think and behave at the point of leaving school or tertiary training. if we can, on an annual basis, get even a small portion successfully coming out and starting new businesses with appropriate support mechanisms, then we are on our way to building what could be a strong msme sector. on the regulatory environment, work in this regard focused on keeping a balance between development and regulations. it is important that as we develop, with new innovations, there bis central bankers ’ speeches is also the responsibility to ensure that this growth is orderly and within a regulatory framework that will nurture and assist growth. finally i would like to say something on data collection, our other major initial target. we all can understand that the lack of a full set of reliable data on financial inclusion hinders good policymaking and prioritisation of projects at a national level. six years ago when we started on our financial inclusion journey, there was limited data available to help us benchmark and measure the level of financial inclusion in fiji. what we had was mainly supply side data from our financial institutions. in 2012, we conducted a financial competency survey to measure the level of

achievements. notwithstanding this the recent dismal growth performance and the vulnerabilities referred to earlier mask layers of bis central bankers ’ speeches deep - rooted structural problems that manifest themselves in high levels of unemployment and massive inequalities. these in turn are caused by weak competitiveness, a poor skills profile and an educational system that, in parts, is dysfunctional, low domestic savings, low investment, uncompetitive product and labour markets and spatial distortions. south africa ’ s response should be focused on three strands. firstly, as a country, we require clear actions to stabilise the labour relations environment. secondly, the country has to take steps to address some of the areas of short term vulnerability. thirdly, a clear programme of reform is required to boost medium to longer term growth. much more important than the precise elements of a strategy is for government to be decisive, act coherently and exhibit strong and focused leadership from the top. there is clear recognition that south africa faces significant challenges ; what is required is decisive leadership from all role players that consistently demonstrates a coordinated plan of action to address them. this will go a long way to restoring confidence, credibility and trust. the bank will continue to focus on its expanded mandate and stands ready to play its part in such a coordinated national effort. thank you. bis central bankers ’ speeches