The International Monetary Fund has issued a warning that the current rate of logging in Solomon Islands is expected to exceed sustainable levels this year.IMF mission Chief Laura Papi says logging is occurring at an extremely unsustainable level in the Solomon Islands. "The sustainable rate was calculated recently by the forestry division of the Solomon Islands government and has been estimated at 250,000 cubic meters a year," Ms Papi said.
"Last year's logging was 1 million which was four times the sustainable rate"
An IMF team has finished an assessment of the Solomons' economy, and has warned that the country relies too much on logging and says it needs to broaden its economic base. The team went on to say that the high dependence on logging has put the economy of the Solomon Islands in a very vulnerable position. "The issue of vulnerability needs to be addressed urgently" the team said. "This year's logging is likely to go even higher, which essentially means higher dependence."