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Julian J. Robinson, Member of Parliament (MP)

South-Eastern St. Andrew & Opposition Spokesman on Finance and the Public Service shares his views on the impact on of the pandemic.

The critical issue is - How can small businesses recover from the effects of the 2020 lockdown and the restrictions that the COVID19 pandemic continues to bear down on?  

MP Robinson shares his views in this video.

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That said.

MSMEs constitute the backbone of the global economy, accounting for two-thirds of employment globally and between 80% and 90% of employment in low-income countries.  Governments should implement a balanced strategy to phase out emergency support policies. A gradual approach focusing on restoring the equity of distressed firms, encouraging timely debt restructuring and improving the efficiency of liquidation procedures should be pursued, with the aim of fostering resource reallocation.  They should also be coupled with interventions aimed at:

1.Boosting technology diffusion for an inclusive digital transformation

2.Providing the right environment and incentives for start-ups to innovate and grow, and for potential entrepreneurs to enter the market

3.Ensuring business-friendly framework conditions, to foster experimentation and resource reallocation

4.Supporting transitions into new jobs, especially for more disadvantaged groups of workers.

At the same time, they are disproportionately affected by pandemic-related shocks. They are overrepresented in non-essential services sectors hardest hit by confinement measures. Many MSMEs have suffered huge revenue losses while others have shut down.

MSMEs’ smaller size allows them to be flexible and adapt to new environments such as the one created by COVID-19 to unleash the personal entrepreneurial potential of each participant of the program through behavioral change.   Financial support to firms’ liquidity and temporary changes to insolvency procedures have been effective in reducing bankruptcies, on average, by more than 30% relative to the pre-pandemic period. Policy measures may have protected viable and productive firms and avoided the systemic risks posed by a wave of bankruptcies, but at the risk of potentially keeping non-viable (the so-called zombie) firms afloat.

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