Solomon Islands: 2023 Article IV Consultation-Press Release; and Staff Report

May 12, 2023

Preview Citation

Format: Chicago

Solomon Islands: 2023 Article IV Consultation-Press Release; and Staff Report, (USA: International Monetary Fund, 2023) accessed November 21, 2024

Summary

The economy is recovering from the shocks of civil unrest in November 2021 and a local outbreak of COVID-19 in early 2022, driven by increasing activity after the reopening of the border and preparation for the 2023 Pacific Games. But the recovery has been fragile, as Russia’s war in Ukraine has led to a decline in the terms of trade and rising inflation. A large pipeline of infrastructure projects financed by concessional borrowing is expected to support medium-term growth and help reduce a large infrastructure gap. But the country’s external position is projected to significantly weaken because of these projects and declining log exports, with reserve coverage declining as a result. This outlook highlights the pressing needs for reform to improve public investment management, as well as to diversify the economy and enhance its competitiveness.

Subject: Commercial banks, Economic and financial statistics, Expenditure, External debt, External sector statistics, Financial institutions, International organization, Monetary policy, Public debt

Keywords: BOP unit, CBSI approval, CBSI assessment, CBSI staff, Commercial banks, External sector statistics, Global, Liability positions vis-à-vis nonresident, Pacific Islands

Publication Details

Pages:

84
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/162
Stock No:

1SLBEA2023001
ISBN:

9798400241345
ISSN:

1934-7685

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