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The need to address the economic implication of COVID-19 is a critical one particularly a solution that entails taking the gender perspective into consideration. It is an opportunity for women’s voices to be heard in regard to business, inclusive markets, and their status & role in the formal labor market and include these conversations in the economic decision making both on a national & global platform.
with requirements like loan documents and security, copies of audited accounts, tax clearance certificates, and proof of National Social Security Fund compliance needed to access the financing from Uganda Development Bank (UDB), it becomes impossible for small businesses (especially in the informal sector) to access this funding
The Ugandan government set aside UGX 1 trillion as a stimulus package to benefit Small and Medium Enterprises (SMEs) with the aim of assisting these Ugandan businesses to increase the production of essential goods and services for import replacement and export promotion. However, with requirements like loan documents and security, copies of audited accounts, tax clearance certificates, and proof of National Social Security Fund compliance needed to access the financing from Uganda Development Bank (UDB), it becomes impossible for small businesses (especially in the informal sector) to access this funding. In addition, with the decline in sales due to the reduced purchasing power of consumers owing to the impact of COVID-19, it has reduced the ability of businesses to pay back loans. This lack of financial inclusion risks damaging the economy and regresses the steps that have been made to grow entrepreneurship especially as women in business face bigger obstacles.
While governments are taking action to assist the SMEs (that operate on a larger capacity) i.e. through the stimulus package), little has been done/discussed on what will be done to rehabilitate small businesses owned by women including those in the informal sector. Furthermore, as it has been indicated that women have been the most affected by COVID-19 either through singlehandedly supporting households or working as frontline healthcare workers or losing livelihoods/employment, it would be imperative to provide support income.
we need all parties involved from policymakers to the government to be aware that gender issues have to be taken into account in their decisions
What can be done? We need all parties involved from policymakers to the government to be aware that gender issues have to be taken into account in their decisions. This entails protecting and enforcing women’s rights, ensuring women are represented in leadership positions in the private sector, civil society, business, and politics, and taking the forefront at providing avenues to upskill and include practical skills in the education curriculum that are relevant & offer better opportunities for the present and future of the workplace. Financial inclusion is key to ensure that money is allocated to the population and sectors that need it the most.
The COVID-19 crisis is a turning point and opportunity for us to act with intention. If we take measured action and include women in key decision-making processes at all levels in different sectors, then we have a chance to build an economically sound future and make further strides in building gain towards women’s economic empowerment. We will be on our way to ensure gender equality and sustainable economic growth.
Originally posted at https://medium.com/@galadrielflorentina/covid-19-womens-economic-empowerment-1a46a2fcbd23
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