Solomon Islands: First Review Under the Standby Credit Facility and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands
IMF Staff Country Reports, June 29, 2012
Source details
- Canonical URL
- Solomon Islands: First Review Under the Standby Credit Facility and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands
Other formats
Bibliographic details
- Published: June 29, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475504989.002
Overview
- The First Review under the Standby Credit Facility (SCF) assesses Solomon Islands’ performance under the SCF-supported program approved in December 2011.
- The SCF arrangement is intended to be precautionary; given the current level of reserves, the authorities do not intend to draw on the IMF's resources unless an unexpected need arises.
- Publication date: June 29, 2012.
Key findings and outlook
- Performance under the SCF-supported program is described as satisfactory.
- The macroeconomic outlook is characterized as favorable, but with large near-term downside risks.
- Substantial progress has been made toward implementing structural benchmarks.
Program implementation and structural reforms
- Implementation status: satisfactory program performance overall.
- Structural benchmarks: substantial progress noted in implementing the specified benchmarks (no additional benchmark specifics provided in the source content).
Risks and policy stance
- Policy stance: precautionary arrangement with no intended drawings given current reserve levels, contingent on absence of unexpected needs.
- Risks: large near-term downside risks to the favorable outlook (no further quantification provided in the source content).
Content in this bundle
- Box 1. Assessing the Fiscal Stance in Solomon Islands: The Role of the Structural Fiscal Balance