Wednesday, 12 November 2008 9:34 AM

World Bank Team Looking at Alternative Source for Economic Growth in SI

A team from the World Bank and International Finance Corporation (IFC) is currently visiting Solomon Islands.

This is in response to a request from the Government of Solomon Islands for collaboration to identify and encourage alternative sources of economic growth for the country.

The aim of the visit is to analyze the growth potential of different sectors, in view of anticipated decline in logging revenues.

These sectors include mining, agriculture, tourism and fisheries. By looking at the contribution of these industries to budget revenue, export earnings and employment generation, this analysis will support the Government in charting a course to address the economic and fiscal effects likely to be associated with the decline in logging.

Working in close coordination with the Ministry of Finance and Treasury, the team will meet with several key Ministers and officials, including: Minister for Finance and Treasury; Minister for Forestry; Minister of Fisheries and Marine Resources; Minister of Agriculture and Livestock and the Minister of Culture and Tourism.

The team will also discuss growth prospects with stakeholders in the business and private sectors to identify growth prospects and ways to make investment in Solomon Islands more attractive.

"We are very pleased to be working alongside the Solomon Islands Government on this important analysis," said Doug Porter, Senior Public Sector Specialist, who is leading the World Bank team's visit to the country. "We hope this first visit, one of a series we anticipate over the coming months, illustrates our strong and ongoing commitment to support the Solomon Islands."

Minister of Finance and Treasury Snyder Rini said the country's logging industry is fast declining and the World Bank's response is crucial to rescue Solomon Islands.

"Our government is so thankful for this timely response by the World Bank," Minister Rini said. "This approach will certainly salvage our economy which is facing critical problems triggered by our declining logging industry."


Press Release (Government Communications Unit)