{"id":43059,"date":"2020-07-05T17:45:47","date_gmt":"2020-07-05T21:45:47","guid":{"rendered":"https:\/\/staging21.finca.org\/uncategorized-en-ca\/boosting-relief-and-recovery-efforts-through-mfis"},"modified":"2024-11-04T02:06:52","modified_gmt":"2024-11-04T07:06:52","slug":"boosting-relief-and-recovery-efforts-through-mfis","status":"publish","type":"post","link":"https:\/\/finca.org\/en-ca\/boosting-relief-and-recovery-efforts-through-mfis","title":{"rendered":"Boosting Relief and Recovery efforts through MFIs"},"content":{"rendered":"<p>As the world grapples with the COVID-19 pandemic, the impact on people and livelihoods is likely to be felt for months, even years, to come. Researchers warn that up to\u00a0<a href=\"https:\/\/www.wider.unu.edu\/node\/237051\" target=\"_blank\" rel=\"noopener noreferrer\">half a billion people could slide into poverty<\/a>\u00a0globally, reversing three decades of progress. Governments have recently moved to jumpstart economies and ease social restrictions, but months of lockdowns, layoffs and stay-at-home measures mean it will take time for people and businesses to bounce back.<\/p>\n<p>In developing countries especially, where most people survive on the informal economy, the road to recovery is likely to be even longer and steeper. According to estimates, some\u00a0<a href=\"https:\/\/www.ilo.org\/global\/about-the-ilo\/newsroom\/news\/WCMS_743036\/lang--en\/index.htm\" target=\"_blank\" rel=\"noopener noreferrer\">1.6 billion people in the informal economy could lose their livelihoods<\/a>\u00a0as a result of the pandemic. The pressures on, and limited resources in, developing economies make it difficult for governments to provide adequate\u2014if any\u2014relief support. That\u2019s why a growing number of investors, donors, and other actors have rallied to step in and support low-income and vulnerable populations during the pandemic.<\/p>\n<p><a href=\"https:\/\/fincacanada.org\/our-work\/microfinance\" target=\"_blank\" rel=\"noopener noreferrer\">Microfinance<\/a>\u00a0institutions (MFIs) can be critical partners in reaching the most affected populations effectively and efficiently. As institutions that serve people at the base of the economic pyramid\u2014where the need for assistance is greatest during crises\u2014MFIs already have the clientele, infrastructure and trust necessary for an impactful COVID-19 response. Against this background, FINCA Impact Finance recently helped form the\u00a0<a href=\"https:\/\/www.centerforfinancialinclusion.org\/series\/microfinance-coalition\" target=\"_blank\" rel=\"noopener noreferrer\">Microfinance Coalition<\/a>\u00a0to add the industry\u2019s voice to the COVID-19 response. The institutions in the coalition collectively serve more than 80 million people, nearly three-quarters of whom are women.<\/p>\n<p>If leveraged strategically, the world\u2019s MFIs could save millions of livelihoods. The access they provide to credit, savings and other financial tools for self-employment activities will be even more needed in a post-pandemic world in which formal employment has been decimated. They can be core partners in putting emergency relief funds into the hands of the most marginalized until the economy starts to rebound. And they can leverage their offices and agents in the distribution of emergency supplies as well as up-to-date and accurate information about the virus.<\/p>\n<p>But to do any of this, MFIs need assistance and support from\u00a0<a href=\"https:\/\/www.centerforfinancialinclusion.org\/microfinance-coalition-call-to-action-for-investors\" target=\"_blank\" rel=\"noopener noreferrer\">investors<\/a>,\u00a0<a href=\"https:\/\/www.centerforfinancialinclusion.org\/microfinance-coalition-call-to-action-for-policymakers\">policymakers<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.centerforfinancialinclusion.org\/microfinance-coalition-call-to-action-for-donors\">donors<\/a>. MFIs need their investors to work with them to allow them to stay in business. They need policymakers to ensure that measures are taken to protect big banks that primarily serve the well-off also protect small banks that serve the poor. And they need donors to help them cover the losses that they are likely to incur and continue to onboard the world\u2019s poor into the digital economy.<\/p>\n<p>The Microfinance Coalition stands ready to partner in COVID-19 relief and recovery efforts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MFIs already have the clientele, infrastructure and trust necessary for an impactful COVID-19 response.<\/p>\n","protected":false},"author":374,"featured_media":42993,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[151],"tags":[104,96],"class_list":["post-43059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-en-ca","tag-covid-19-en-ca","tag-microfinance-en-ca"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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