Solomon Islands Government suffers $93.1m revenue shortfall, in three months.
The Government has fallen well short of its revenue targets
The Department of Finance and Treasury has revealed the Solomon Islands Government fell $93.1 million short of its revenue targets during the first quarter of this year.
Minister of Finance and Treasury Snyder Rini informed parliament that it was the worst situation as the country had ever experienced, with heavy rains between January and February affecting log exports blamed for the situation.
The period extends from January1 to March 31.
He said the other factor affecting revenue collection during the first quarter was the Chinese New Year.
Meanwhile, Minister Rini said, the revenue shortfall had been been financed by the healthy cash reserves for the year 2016.
Mr Rini told Parliament the government’s cash flow was intact, meeting all obligations under the 2016 Appropriation Bill 2017.