This year, the BSP will be undertaking a pilot AVCF project for selected banks and value chain commodities, with the aim of building the technical capacity of banks in AVCF and optimizing existing government programs on value chain development. By aligning with priority commodities for this project, we hope that further development can enable the country’s participation in regional and global value chains.
Indeed, we are already around 90 per cent of the way through the fall from the peak to expected trough in mining investment. Another headwind we have had over recent years – that is the decline in our terms of trade – has already stopped. Since earlier last year, a rise in global commodity prices has provided a boost to our national income.