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Financial Crimes Plague Solomon Islands: World Bank Pledges Extra Support Amid Economic Shocks
The Solomon Islands government has been hit with a string of economic shocks, including civil unrest, COVID-19 lockdowns, and trade disruptions, which have left the country reeling. In response, the World Bank has pledged an additional US$15 million to help boost financial management reforms and combat corruption.
Economic Shocks Hit the Solomon Islands
The country has faced significant economic challenges in recent months, including:
- Widespread protests and rioting in Honiara last November caused an estimated US$86 million worth of damage, equivalent to 7% of the nation’s GDP.
- A decline in tax collections from affected businesses
- Reduced economic activity due to lockdowns
- Higher import prices for goods
World Bank Pledges Support
“We’re committed to standing with the Solomon Islands government as it works towards strengthening its financial management systems and addressing debt issues,” said Annette Leith, World Bank Resident Representative in Solomon Islands. “This new support will help ensure that the country can continue providing essential services while continuing to implement its ambitious reform program.”
The additional funding will also go towards empowering the Solomon Islands Internal Commission Against Corruption (SICAC) to strengthen its reporting processes and boost women’s representation in anti-corruption efforts.
Existing Government Reform Program
The existing government reform program aims to:
- Increase transparency in procurement processes
- Keep debt at manageable levels
- Support more efficient tax systems
New Assistance from the World Bank
The new assistance comes as the World Bank announces an historic increase in its support to Solomon Islands, with over US$130 million committed to four projects throughout June. These projects include:
- Support for fisheries management
- Aviation development
- Roads and infrastructure in rural areas