Solomon Islands: Third Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria—Staff Report; Press Release; and Statement by the Executive Director for Solomon Islands
IMF Staff Country Reports, June 23, 2014
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- Solomon Islands: Third Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria—Staff Report; Press Release; and Statement by the Executive Director for Solomon Islands
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Bibliographic details
- Published: June 23, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498330374.002
Summary
- This paper discusses Solomon Islands’ Third Review Under the Extended Credit Facility (ECF) Arrangement and Request for Modification of Performance Criteria (PC).
- Program performance under the ECF arrangement has been broadly satisfactory.
- Reserve buffers have been rebuilt and are at a comfortable level, well above the average of other small states.
- All PCs for end-December, the indicative targets (ITs) for March, and the continuous PCs were met with considerable margins, except for the IT on government-funded recurrent spending on health and education, which was narrowly missed.
- Based on Solomon Islands’ program performance, the IMF staff recommends completion of the third review under the ECF-supported program.
Program performance and fiscal outcomes
- Reserve buffers rebuilt and at a comfortable level, well above the average of other small states.
- All performance criteria (PCs) for end-December met with considerable margins.
- Indicative targets (ITs) for March met with considerable margins, except:
- IT on government-funded recurrent spending on health and education — narrowly missed.
- Continuous PCs met with considerable margins.
Recommendations and IMF staff position
- IMF staff recommends completion of the third review under the ECF-supported program.