Solomon Islands: First Review Under the Standby Credit Facility and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands.
International Monetary Fund, Jun 29, 2012 - Business & Economics - 44 pages
The First Review Under the Standby Credit Facility (SCF) discusses Solomon Islands’ satisfactory performance under the SCF-supported program, approved in December 2011. The current arrangement is intended to be precautionary and, given the current level of reserves, the authorities do not intend to draw on the IMF's resources unless an unexpected need arises. The outlook remains favorable, but with large near-term downside risks. Substantial progress has been made toward implementing structural benchmarks.
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adjusted upward amount of budget approval arrears AsDB Asian Development Bank assets Bank of Solomon Bokolo budget support Cabinet CBSI Central Bank central government Consolidated Deposits Account contingency fund continue Country authorities development spending disbursement downside draft end-December 2011 end-June ensure estimates and projections exchange rate external debt fiscal balance fiscal buffers fiscal position fiscal stance ﬂoor foreign exchange market Honiara IMF staff estimates inclusive growth indicative targets inﬂation pressures infrastructure International Monetary Fund international reserves liabilities loans macroeconomic MEFP million monetary policy months of recurrent multilateral donors excluding nonmineral ODCs orders and unpresented percent in 2011 percent of GDP program cash balance program level public financial management quantitative performance criteria recurrent and development recurrent spending reﬂecting reserve money revised risks SCF arrangement SCF-supported program Solomon Islands dollar Sources Standby Credit Facility strengthen structural benchmarks structural reforms support from bilateral treasury bills unpresented checks