Solomon Islands: Second Review Under the Standby Credit Facility and Request for a Three-Year Arrangement Under the Extended Credit Facility—Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands.
International Monetary Fund, Dec 12, 2012 - Business & Economics - 67 pages
This paper is an account of the economic conditions of the Solomon Islands. The macroeconomic situation has shown a considerable expansion in recent years with the external buffers intact. Although the Islands have shown good growth, the IMF staff expects only a moderate performance in 2013 and 2014 owing to the euro area crisis. However, the state has prepared for any downside risks, and approaches the macroeconomic circumstances with a positive outlook. The Executive Board admires the efforts of the Islands.
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2012 benchmark arrears AsDB Asian Development Bank assets average Baseline Scenario budget support CBSI Central Bank central government concessional constituency funds continue Core Economic Country authorities current account decline Deposits Account development spending disbursement dollar domestic draft ECF arrangement end-June end-September enhance estimates and projections exchange rate expected expenditure Extended Credit Facility external borrowing external debt external shocks external stability fiscal buffers fiscal policy fiscal position foreign foreign exchange market GDP growth global outlook government’s guaranteed Honiara IMF staff estimates IMF-supported implementation inclusive growth increase indicative targets Inﬂation International Monetary Fund international reserves liabilities macroeconomic medium term MEFP million mining payments percent of GDP private sector program cash balance program level public debt public sector public spending ratio recurrent spending reﬂecting risks Solomon Islands Solomon Islands dollars Sources Standby Credit Facility strengthen structural benchmarks structural reforms transparency U.S. dollars