SOLOMON Islands National Provident Fund (SINPF) Board is confident that despite the risks and challenges brought about external factors, the country’s economy will recover as result of investments in the Games and other major projects.
Mike Wate, SINPF Chief Executive Officer (CEO) and General Manager highlighted this fortnight ago at the declaration of the Fund’s annual interest credit rating.
He said, the Board is optimistic with the country’s economic road to recovery.
“Despite these risks and challenges, the Board is confident that our economy will be resilient as investments for the PG23 intensifies, major infrastructure projects come on line and being implement and renewed focus on our country from major countries of the world,” he said.
The Games Infrastructure project once completed is expected to bring huge returns for the country.
Other major projects currently making progress involved the Japanese funded Kukum highway project, Tina Hydropower Projects, Airport upgrading projects and other infrastructure related projects.
Mr Wate said, the lifting of international and national borders will provide the opportunity for one of the country’s key sources of economic growth; tourism, to rebound.
Following the reopening of the international border in July this year, the number of overseas guests increased in recent months.
Meanwhile, the SINPF boss said, in terms of the country’s economic outlook there had been a decline by 3.4% in 2020, negative 0.6% in 2021 and is expected to fall further in 2022 from a low of -4% to -7%.
He said, downside global risks had increased with the global economy expected to go into a recession as the war in Ukraine continue and high inflation from increase energy and food prices.
“The offshore financial markets we have exposure and will remain volatile,” he said.
By MOFFAT MAMU
