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

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2023 Issue 162

Publication date: May 2023

ISBN: 9798400241345

$20.00

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Topics covered in this book

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Banks and Banking , Exports and Imports , Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , CBSI staff , liability positions vis-à-vis nonresident , CBSI approval , CBSI assessment , BOP unit , External sector statistics , Commercial banks , Global , Pacific Islands

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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.