PM Manele eyes economic reform

By Simon Tavake

The Government for National Unity and Transformation has announced its strong commitment to addressing the country’s weak economy.

Prime Minister Jeremiah Manele announced soon after being elected as Prime Minister on Thursday.

Manele said improving the country’s economy is one of his government’s top priorities.

He acknowledged that the 2023 Annual report on the economy released by the Central Bank of Solomon Islands (CBSI) last month is not as favorable as desired.

“It is reported that the recovery of the global economy is steady but slow. We as a country continue with the recovery path after the covid-19 global pandemic and 2021 riot”. 

“The recent report by the central bank of Solomon Islands on the state of our economy is concerning and calls for more focus and aggressive approach”. 

“It is not an easy task, but we will be reaching out to relevant stakeholders,” Manele said.

At the launching of the Annual report CBSI Governor Dr Luke Forau said that the country needs a major economic reform program if the economy were to prosper in the medium to long term.

He advised that the government needs to implement the budget and address the “lower hanging fruits” for example, review the legislations that need to be reviewed. 

“The goal of any economic reform program must be to grow the economy. The reform program must be specific, targeted and measurable”. 

“Again, the reforms must aim at growing the economy. For me, a minimum average growth rate of 5 percent would be an acceptable rate of growth for such a developing economy as the Solomon Islands.” 

Meanwhile, the Special Economic Zone Bill is among several bills that are ready to go before parliament this year.

Once passed, the Bill will promote and strengthen economic development in the county.

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