The role of finance in mitigating COVID-19 impacts in fisheries
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The COVID-19 pandemic, the related lockdowns and business restrictions have caused a negative impact on the health and safety, income and employment of millions of people working in the fisheries sector. The disruption of fishing activities has not only caused the income loss of fishers, but have affected the full fish value chain as well as the availability of fish for human consumption worldwide. Financial risks at all stages of the value chain have increased as result of the pandemic, including reduce cash flow, reduced capacity to repay loans and meet financial obligations, among others, bringing to the spotlight the sector needs of social safety nets and inclusive suitable financial services. In order to support the rapid fisheries sector recovery from the COVID-19 economic impact and secure the short-term survival of fishing business, is essential that financial service provision continues and is tailored to the specific needs of the sector. This information note provides recommendations in support of a rapid recovery from the COVID-19 economic impact on the fisheries sector and provides entry points for the financial sector to contribute to build back a better and more resilient fisheries sector.