PS ESETA NADAKUITAVUKI'S ADDRESS AT THE FEMINIST FINANCE FORUM 2024

"TAKING A FEMINIST APPROACH TO FINANCE: CHALLENGING THE STATUS QUO IN THE FINANCIAL ARCHITECTURE"

Bangkok, Thailand - I'm genuinely honoured to be here, to the opening of the Feminist Finance Forum 2024, where we embrace a Feminist Approach to Finance. The government Fiji recognises that, we gather in this regional space not just to discuss but to catalyse a transformative change in creating a financial architecture that genuinely works for women in all their diversity.

As earlier speakers highlighted, in today's world, we're up against numerous challenges, ranging from climate change, economic downturns and the rise of artificial intelligence, with its profound effects on the future of work and our business environment to, global conflicts, and the scourge of gender-based violence.

Global evidence confirms that one of the key solutions to these challenges rests in unlocking the collective strength and potential of all women and girls. Sustainable growth comes from tapping into all our resources and abilities. The more we delay gender equality, women’s rights and investment in women, the more we all stand to lose.

Colleagues, in Fiji, we face the reality of missing out on the equivalent of 20% of our gross domestic product due to gender gaps in entrepreneurial activity and labour force participation. Closing these gaps could result in a 33% increase in long-run gross domestic product growth. But what does it take to realize this? 

Fijian women and girls continue to shoulder the majority of unpaid care and domestic duties and are mainly engaged in the informal economy. Only 46% of Fijian women are in the labor force compared to 83% of men. Fijian women earn on average two-thirds of what men earn. Additionally, rates of sexual harassment at work vary significantly, ranging from 20% to 43% across full-time, part-time, and casual employment.

Only 19% of registered businesses are owned by women in Fiji, and the majority of these are micro enterprises. Our women entrepreneurs face numerous obstacles such as restricted access to finance, inadequate collateral, technology and prevailing gender biases, climate all exacerbated by climate crisis shocks and social norms and discriminatory structures that limit your business growth. 

Furthermore, only 37% of active National Provident Fund accounts are held by women. Meanwhile, just 15% of Fijians are insured, with women making up only half of that number. This disparity exists despite women and girls comprising 57% of university graduates, compared to 43% for men. Additionally, 80% of market vendors in Fiji are women, and a similar proportion of women own a bank account. 

Additionally, the high rate of gender-based violence and the urgent need for better access to Sexual and Reproductive Health and Rights (SRHR) are significant issues. Women can't fully engage in the economy or decision making processes if they are fighting gender-based violence on a daily base privately, publicly and online or health issues like breast and cervical cancer, which are at present the main causes of death for Fijian women. 

The Government of Fiji is acutely aware of these challenges and committed to in addressing them. Colleagues, the snapshot data I shared underscores the need for policies and actions that go beyond a quick or single fix, such as merely ensuring women own bank accounts or access to credit. 

We advocate for the adoption of a comprehensive, whole-of-government strategy that incorporates a "women-centered approach."

This approach requires a deep understanding and appreciation of the daily struggles and contributions of Fijian women in all diversity as they strive to excel as leaders, workers, entrepreneurs, consumers and community members. At the same time where many of these women are navigating abusive relationships, caring for families, managing their health, and confronting discriminatory social norms, and the structural regulations and institutions that impede their daily lives and limit their economic participation and contributions.

In this context, I am pleased to share  that the Ministry of Women, Children and Poverty Alleviation on March 8th, with an official cabinet endorsement, embarked on a journey to develop Fiji’s firs Women’s Economic Empowerment National Action Plan National Action Plan (2024—2029), to be launched in early 2025! 

The WEE NAP is expected to encompass several critical areas; including establishing a clear definition of women's economic empowerment and fostering women's entrepreneurship through a gender-responsive environment with increase investment in women led businesses.

It also looks into the impacts of climate change on women's economic challenges, explores opportunities in green and blue economies, and assesses technological advancements' implications on women's employment and economic contribution. Additionally, it examines to support women in the informal economy, investment in care work, investment in women's health, and addresses gender-based violence and discriminatory social norms, systems and regulations.

I shall emphasise that Fiji Women's Economic Empowerment National Action Plan (WEE NAP) will be guided by some existing promising policies and initiatives. Notable among these is the Fiji Reserve Bank's requirement for Financial Inclusion Reports. These reports track progress toward Fiji's financial inclusion goals and include sex-disaggregated data, mandating that financial service providers collect and report data by gender, age, and location.

Furthermore, the adaptation and implementation of the Personal Property Securities Act in 2017 which has established a framework for secured transactions. This is crucial in facilitating access to credit for businesses, including those operated by women who cannot use land as collateral but can leverage movable assets instead.

We are also actively engaged with the Fiji Reserve Bank in reviewing of the Fiji upcoming National Financial Inclusion Strategy, 2022-2030. This strategy aims to advance financial inclusion through inclusive finance, digital financial services, MSME finance, consumer protection, and financial capability.

In June 2023, Fiji also launched the National Action Plan to Prevent Violence against All Women and Girls (2023-2028), further demonstrating our commitment to addressing these critical issues comprehensively.

I am pleased also to highlight that, since January, the Ministry of Women, Children, and Poverty Alleviation, in collaboration with the Ministry of Economy, has initiated the development of a flagship whole-of-government gender accountability initiative (2024-2029).

This initiative focuses specifically on institutional capacity building on gender analysis and gender-responsive budgeting across all government agencies. This comprehensive initiative involves tracking our investments and budgets and assessing the outcomes delivered for all Fijian women and girls. 

Colleagues, in this context and as we embark on the next two days of crucial discussions, Fiji recognises the unique opportunity we all share to reshape the economic landscape for women across Asia and the Pacific with specific focus on taking a feminist to finance. 

Fiji is committed that our actions must move beyond simplistic solutions that too often fail to address the complex challenges women face, which stifles their potential for meaningful economic participation and advancement.

Therefore we looks forward to exploring the issue of access to finance for all women through a comprehensive lens that reflects their life cycles, daily realities, aspirations, contributions, and challenges, while absorbing our collective experiences and learning from the best regional and global practices. 

We are firmly committed to tackle and shift the barriers—legal, regulatory, institutional or societal—that restricts women's access to resources and opportunities. Our goal is to reshape an enabling environment to actively promote women's rights and economic potential.
 
We are dedicated to explore how formal banking can better meet the needs of women entrepreneurs, offering not just capital but also the tools for sustainable growth. 

We acknowledge the essential role of microfinance as a source of capital for women entrepreneurs, while also recognising its limitations. These include low ceilings on loans and high interest rates, which can often trap women in small-scale, low-productivity activities and lead to increased household debt. In response, we advocate for a strategic transition from microfinance institutions to formal banks to facilitate greater financial stability.

We are eager to emphasize the critical importance of supportive family policies including enhanced paid maternity and paternity leave and childcare subsidies, which are not merely benefits but essential components of a fair and thriving economy.

We are enthusiastic about investment in high-potential areas such as STEM, ICT and AI, and the blue and green economies, paving the way for women to transition from traditional, lower-productivity sectors to these dynamic fields.

Additionally, we are committed to strengthening our efforts to build and invest in women business networks and financial literacy initiatives tailored to the nuanced challenges women in all diversity face, ensuring they are equipped to succeed.

We are committed on further investment in the collection and analysis of gender-sensitive and sex-disaggregated data on WEE and accesses to finance, ensuring our strategies are precisely aligned with the needs of all women and girls with a women centered approach.

In conclusion, we are committed to translating our discussion into decisive actions that advance women's economic empowerment and tackle the pressing challenges at hand. Our collective efforts will lay a robust foundation for a future where gender equality is not just an ideal, but a daily reality.

Thank You!