$449M life support

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Government secures additional budget support from donors


THE Government has secured a total of $449 million in grants and concessional loans from development partners and donors to sustain the economy during this downward time caused by the global covid-19 pandemic.

This is because the government expects additional spending pressures, particularly in the health sector, depending on the severity of the domestic public health situation.

Minister of Finance and Treasury, Harry Kuma highlighted this during his presentation on the motion to extend the State of Public Emergency to four months in Parliament on Tuesday this week.

Kuma said Asian Development Bank will provide $24 million in grants and $24 million on loan.

He said ADB will also provide $162 million on grants.

Kuma said World Bank will assist with $114 million in grants and $48 million in loan.

He said Department of Foreign Affairs and Trade in Australia will provide $63 million in grant.

This is also same with New Zealand Ministry of Foreign Affairs and Trade that will allocate $14 million in grants.

In addition, Kuma said the country very own State Owned Enterprises namely Solomon Islands Ports Authority, Solomons Power and Solomon Islands National Provident Fund pledged their willingness to purchase Government Development bond of around $100 million.

“This will further support the implementation of the economic stimulus package,” he said.