8 Mar 2005

Solomons finance minister acknowledges extent of debt yet has confidence in recovery

10:18 am on 8 March 2005

The Solomon Islands finance minister has expressed confidence in the country's economic recovery.

Peter Boyers says though the country's debt is huge, basic services have been restored in rural areas where they are urgently required.

Mr Boyers says the debt, which stands at about US$280 million is being managed by the government, which is setting aside 15 per cent to pay its official loans and US$4.7 million to pay other informal debt obligations.

Mr Boyers says progress is slow but on track.