Solomon Islands: First Review Under the Extended Credit Facility Arrangement—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands
IMF Staff Country Reports, August 2, 2013
Source details
- Canonical URL
- Solomon Islands: First Review Under the Extended Credit Facility Arrangement—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands
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Bibliographic details
- Published: August 2, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484372906.002
Summary findings
- The three-year arrangement under the Extended Credit Facility (ECF) is on track.
- All December 2012 and continuous performance criteria have been met, except for:
- The cash balance floor, which was temporarily missed by a small amount.
- The indicative target on health and education for December 2012, which was missed by a very small margin.
- IMF staff recommends completion of the review.
- IMF staff supports the authorities’ request for:
- A waiver of the nonobservance of the cash balance floor at end-December.
- The modification of end-June 2013 performance criteria.
Performance criteria and program status
- December 2012 performance criteria:
- All met except the cash balance floor.
- The cash balance floor was temporarily missed by a small amount.
- Indicative targets:
- The indicative target on health and education for December 2012 was missed by a very small margin.
- Continuous performance criteria:
- Met, except as noted for the cash balance floor.
Policy recommendations and actions supported by IMF staff
- Complete the First Review under the ECF arrangement.
- Approve a waiver for the nonobservance of the cash balance floor at end-December 2012.
- Modify end-June 2013 performance criteria as requested by the authorities.
Subject coverage and keywords
- Subject areas: Banking, Central banks, Credit, Expenditure, Imports, International reserves, International trade, Money, Public debt.
- Keywords: Asia and Pacific, balance, cash balance, CR, Credit, ECF-supported program, Global, government, IMF staff estimate, Imports, International reserves, ISCR, land access regime, Pacific Islands, SOE borrowing.