World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


$5 Million Grant to Promote Economic Reform in Solomons

Adb Approves $5 Million Grant to Promote Economic And Financial Reform in Solomon Islands

HONIARA, SOLOMON ISLANDS (21 March 2013) – The Asian Development Bank (ADB) is providing a US$5 million grant to Solomon Islands to support the government’s delivery of improved public investment and basic social services.

The grant will assist the government to implement policy reforms that maintain a strong fiscal position while delivering expanded more equitable services. The reforms are based on the country’s long-term National Development Strategy, 2011-2020.

The program grant follows on from the Economic Recovery Support program, approved by ADB in 2010, which helped the government weather the global economic crisis. The economy recovered strongly, largely due to coordinated support from development partners including ADB, Australia, the European Union, the International Monetary Fund, New Zealand, the Regional Assistance Mission to Solomon Islands, and the World Bank.

“Economic prospects in Solomon Islands now rests on creating a more enabling environment for the private sector and this will contribute to economic growth and generate greater job opportunities for Solomon Islanders,” said Andrea Iffland, Regional Director of ADB’s Pacific Liaison and Coordination Office in Australia.

The program will support economic and financial reforms to achieve better financial management, create greater economic efficiency for a business-enabling environment, and provide broader access to services.

The program’s key activities include assisting the government with improving fiscal management, strengthening the budgeting and planning processes, improving accountability and performance of state-owned enterprises, helping reduce the cost of doing business in Solomon Islands, and increasing transparency in the resources sector.

Budget support provided under the program will enable increased government expenditure for social services in health and education that matter most to the poor, women and the vulnerable. The government has adopted policy plans to improve equitable access to social services. Particular emphasis is on improving access for girls to senior secondary, technical, and vocational education and training.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.


© Scoop Media

World Headlines


Werewolf: America, The Gated

How, in a global metropolis like New York, do you write about immigration as a problem to be solved? And yet immigration is a hot button issue among those fighting to break away from the unruly clump of starters in the race for Republican nominee. More>>


Binoy Kampmark: US Bomb Strikes Hospital In Kunduz

According to US military sources, “there may have been collateral damage” to the medical facility. “This incident is under investigation.” A statement issued by the office of the President Ashraf Ghani said that Army General John Campbell, chief of US-led forces in Afghanistan, apologised. More>>


Binoy Kampmark: The Fall Of Tony Abbott

The question was one of timing. The Coalition had been registering losses in poll after poll. The Abbott style hardly improved after a spill was forced on the party. Despite claiming that he would be ushering in a spring clean, he continued bypassing ministers and MPs... More>>



Pacific.Scoop: Smaller Pacific States Call For Coal Moratorium

PNG Loop: Leaders of the Pacific Smaller Island States have called on all nations – especially the advanced economies in the region – to rise to the challenge of climate change. They want to steer the world on a path where climate change is no longer a threat to earth. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news