Asia and Pacific > Solomon Islands

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International Monetary Fund. Asia and Pacific Dept
The economy is recovering from the shocks of civil unrest in November 2021 and a local outbreak of COVID-19 in early 2022, driven by increasing activity after the reopening of the border and preparation for the 2023 Pacific Games. But the recovery has been fragile, as Russia’s war in Ukraine has led to a decline in the terms of trade and rising inflation. A large pipeline of infrastructure projects financed by concessional borrowing is expected to support medium-term growth and help reduce a large infrastructure gap. But the country’s external position is projected to significantly weaken because of these projects and declining log exports, with reserve coverage declining as a result. This outlook highlights the pressing needs for reform to improve public investment management, as well as to diversify the economy and enhance its competitiveness.
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Central Bank of Solomon Islands (CBSI), a Monetary and Capital Markets Department (MCM) mission provided technical assistance on central bank risk management during the period August–September 2021. The mission comprised Mr. Paul Woods (Central Bank of Ireland) and Mr. Chris Aylmer (formerly with the Reserve Bank of Australia), under supervision of Mr. Ashraf Khan (MCM, Central Bank Operations Division) The purpose of the mission was to guide the CBSI on how to establish an Enterprise Risk Management (ERM) framework. The mission focused in particular on establishing a strengthened risk culture throughout the organization, and strengthening risk governance - including the role of the CBSI’s risk management unit.
International Monetary Fund. Statistics Dept.
At the request of the Central Bank of Solomon Islands, the technical assistance mission was conducted by the IMF’s Statistics Department (STA) to assist the SI authorities in strengthening the compilation and dissemination of government finance statistics (GFS) and public sector debt statistics (PSDS) for decision making and providing data to the Fund for surveillance. The technical issues focused on inconsistencies in stocks and flows in GFS and PSDS and on recording of grants. The mission found that the inconsistencies among various statistics stemmed from the different source data and the reconciliation was recommended. The mission also suggested to set up a Government Finance taskforce to improve the coordination for compilation among compilers from various agencies and share responsibility and accountability of involved agencies in this process.