SI RESERVES STRONGEST IN PACIFIC REGION: IMF

PM Sogavare shakes hands with Ms Tumbarello. Looking on are the rest of IMF team members. Photo credit: OPMC.

PM Sogavare shakes hands with Ms Tumbarello. Looking on are the rest of IMF team members. Photo credit: OPMC.

The International Monetary Fund (IMF) reveals, Solomon Islands reserves are the strongest in the Pacific region.

A government statement said an IMF team visited the country to review our economic reform progress revealed to the Prime Minister Manasseh Sogavare in Honiara.

The team was led by the IMF Deputy Director of Asia Pacific, Hoe Khor and Unit Chief of Small States Unit of the Asia and Pacific Department, Patrizia Tumbarello.

Mr Khor said Solomon Islands’ foreign currency reserves are one of the strongest in the Pacific region, which indicates strong economic performance and effective macro-economic management policies of the country.

Khor adds, this position is highlighted by the low international financial lending level, which means Solomon Islands has the lowest debt in the region.

The IMF team advised that it would be better for Solomon Islands to maintain its strong level of foreign currency reserves.

The team assured that Solomon Islands has room to plan in terms of securing loans through which it can finance greater investment that will grow the economy further.

Meanwhile, Prime Minister Sogavare said the Democratic Coalition for Change (DCC) Government is committed to further strengthen the country’s economy.

He said Solomon Islands will ensure to maintain its strong level of foreign currency reserves in the immediate future.

Mr Sogavare said the proposed anti-corruption bill is part of the DCC Government’s top priority in the move to restore public trust and ensuring efficient delivery of services by government institutions.

Both parties have made a commitment to strengthening partnership in the next phase of IMF’s assistance to the DCC Government.

The visiting team assured the Prime Minister that the IMF Office in Fiji is ready to provide immediate advisory assistance should the Government require.

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