19 Dec 2012

Call for sustainable economic policies for Solomon Islands

11:17 am on 19 December 2012

There's been a call in Solomon Islands from the Public Accounts Committee for the government to seriously look at policies that will sustain the country's economy.

The Solomon Times Online reports the Chairman of the Committee, Douglas Ete as issuing a warning over the effects of the global financial crisis starting to catch up with the country, as well as the low log market price.

Mr Ete warns that unless the country has alternative primary industries to take over from the log market, the country may not be ready for the impacts of the economic recession expected next year.

He urges all government institutions and multilateral partners such as the International Monetary Fund and World Bank to consider alternatives arrangement.

The chairman says the situation is worse off as all logging bank accounts and bonds will be closed in January 2013.