SOLOMON ISLANDS ECONOMY PERFORMED WITH RISKS IN 2015

IMF logo. Photo credit:

IMF logo. Photo credit:

Solomon Islands 2015 economic performance has been associated with various risks.

The International Monetary Fund (IMF) revealed this in its Asia and Pacific economic outlook for this month.

The IMF says though Solomon Islands economy expects to grow by 3.3 percent this year, the downside of Solomon Islands economy associated with the closing of Gold Ridge Mine, unsustainable harvesting of forest resources, slow implementation of Tina River

Hydro and the Submarine cable projects.

These expect to support the Solomon Islands economic growth in 2014 to 2015 but have been shifted to late 2015 and beyond.

In addition, the aid envelope may also decline more than previously envisaged.

Meanwhile the IMF warns Solomon Islands government and Central Bank of Solomon Islands (CBSI) to recalibrate ambitious spending plans in line with implementation capacity, revenue envelope, financing availability and the need to preserve fiscal buffers for resilience against shocks.

This is severe due to the serious setback in mining prospects linked to the closure of the country’s only gold mine.

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