12 Nov 2008

World Bank team visits Solomon Islands

3:33 pm on 12 November 2008

A team from the World Bank and its commercial arm, the International Finance Corporation, is visiting Solomon Islands after a request from the Government that it help identify new sources of economic growth.

The aim of the visit is to analyse the potential of different sectors of the economy in light of the anticipated decline in logging revenues.

The possibilities include mining, agriculture, tourism and fisheries.

The Solomons government hopes the Bank and IFC will be able to help it chart a course to address the economic and fiscal effects likely to be associated with the decline in logging.

The team will also discuss growth prospects in the private sector and look at what needs to be done to make investment in the Solomons more attractive.

The Finance Minister, Snyder Rini, says this timely response by the World Bank will certainly salvage the economy which is facing critical problems.

The World Bank opened a country office in the Solomon Islands this week.