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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0.0 In percent 2012 performance criteria Balance of payments banking system beneﬁts budget buffers cash balance CBSI Central Bank Central government Compensation of employees continue Current account balance Data provided deposits development spending excluding end of period end-June 2012 performance estimates and projections exchange rate excluding interest payments excluding mining-related External debt ﬁnance ﬁnancial ﬁscal ﬂscal GDP deflator GNF8 Gross international reserves IMF staff estimates IMF technical assistance IMF-supported arrangement implementing imports of GNFS Includes inclusive growth inﬂation pressures International Monetary Fund investment balance Kiribati logging Macroeconomic Monetary Nominal GDP Ofwhich orders and unpresented percent of GDP percent of quota percent per annum percentage change private sector program benchmark Proj recurrent and development recurrent spending reﬂect reform revenue and grants Samoa SDR millions Solomon Islands authorities spending excluding interest strengthen Tonga Total revenue U88 millions unpaid payment orders unpresented checks Vanuatu