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Solomon Islands: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Solomon Islands
Author:
International Monetary Fund. Asia and Pacific Dept
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2025: Issue 049
Language:
English
Publication Date:
25 Feb 2025
DOI:
https://doi.org/10.5089/9798229002639.002
ISBN:
9798229002639
ISSN:
1934-7685
Pages:
83
Keywords:
CBSI assessment; CBSI approval; government estimate; Solomon Islands' economy; article IV consultation discussion; Budget planning and preparation; Asia and Pacific; Pacific Islands; Global
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The 2024 Article IV Consultation discusses that Solomon Islands has weathered important shocks including civil unrest and the pandemic, successfully hosted the Pacific Games, and conducted peaceful general elections. While IMF expects continued modest growth in 2024 and 2025, medium-term growth prospects appear moderate and fiscal and current account deficits are expected to persist. Now is the time for the authorities to advance reforms to tackle the perennial challenge of stagnant per-capita income growth, while ensuring fiscal sustainability and resilience. There is an urgent need to enhance the effectiveness of fiscal policy by addressing fundamental weaknesses in fiscal data and public financial management: a financing gap in the budget proposal should be eliminated, among others. The monetary policy stance is appropriate and should remain data dependent. There is scope for significant productivity gains in the agriculture and fisheries sectors through targeted mechanization and improved connectivity in rural areas. Concrete measures are needed to strengthen the capacity of anticorruption institutions and address governance weaknesses in the forestry and mining sectors.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund