BY INDY MAEALASIA

MEDIA representatives who attended a workshop last Friday were told to be committed when reporting on child protection Issues.

Permanent Secretary of the Ministry of Women, Youth, Children and Family Affairs, Dr Cedric Alependava said this while delivering his keynote address at the two-day media training workshop hosted by UNICEF at their office.

In preparation of the pacific games next month, the workshop focused on helping journalists and communication officers on how they could report on child protection issues.

Alependava said the influx of people could possibly affect children, the most vulnerable of our communities.

“There is more to the pacific games than just athletics. During major event, we inevitable expect an influx of people and thus vulnerable groups of people are at a heightened risk of abuse,” he said.
He also reminded the media representatives of the vital role they play in publishing stories and to be accountable when reporting.

“You have a huge responsibility to produce stories that are accurate, independent and balanced. In the same path, you have the responsibility to ensure that the narrative does not harm anyone and that you hold yourself accountable with holding us accountable at the same time,” Alependava said.

He further added that the government acknowledged the contribution the media has done to address child protection issues and such workshop will help strengthen their reporting.

Alependava also said that such opportunity could help create strong relationship with the government, civil societies and the media.

Media representatives who participated in the workshop were from the mainstream media and communication departments.

By EDDIE OSIFELO
MEMBER of Parliament for Small Malaita, Rick Hou, has issued a stern reminder to the Solomon Islands government, urging it to avoid a return to past financial crises.

Mr Hou’s remarks came during a debate on the Central Bank of Solomon Islands (Amendment) Bill in Parliament yesterday, with a specific focus on Clause-19 of the legislation.

Clause 19 of the Central Bank of Solomon Islands (Amendment) Bill seeks to bring about significant changes to the government’s borrowing regulations. Of particular note, it proposes to amend Section 36 (6) of the Principal Act, effectively raising the threshold for government advances from the current five percent to a new, higher threshold of 15 percent. This represents a threefold increase from the existing limit.

Additionally, this clause introduces provisions that would allow the Central Bank of Solomon Islands (CBSI) to provide additional temporary advances to the government, but only in the case of a State of Emergency. These temporary advances should not exceed five percent of the threshold, which is calculated based on the annual average government ordinary revenue for the preceding three financial years. Importantly, any such additional advances to the government must be fully repaid within a strict two-year timeframe.

Hou, in his parliamentary address, stressed the need for caution in managing government debt.
He pointed to previous instances when financial institutions and banks were reluctant to lend to the government due to excessive debt levels.

Notably, he recalled a situation in 2005 when both domestic and international banks, including the Asian Development Bank, World Bank, commercial banks, and the Solomon Islands National Provident Fund (SINPF), refused to provide further financial assistance.

Hou also referenced the “Honiara Club,” an arrangement established with creditors and banks at the time.

Under this arrangement, all creditors agreed to accept reduced repayments, a practice commonly known as taking a “haircut”.

Bilateral partners, most notably Australia, played a pivotal role in resolving the financial crisis by clearing arrears and setting the precedent for the existing five percent threshold.

In his closing remarks, Hou emphasised the paramount importance of avoiding a repeat of the dire financial circumstances experienced in the past.

He called on the government to exercise fiscal prudence and responsible financial management to prevent the nation from reaching a point where financial institutions once again refuse to lend due to unsustainable debt levels.

For the Solomon Islands, these words of caution serve as a timely reminder of the need for careful economic stewardship and debt management as the nation navigates its financial future.

By EDDIE OSIFELO

Member of Parliament for Small Malaita, Rick Hou, has expressed optimism that the Central Bank of Solomon Islands (CBSI) Amendment Bill would effectively tackle the issue of high margins and interest rates in commercial banks.

Mr Hou made these remarks during his contribution to the bill’s discussion in Parliament yesterday.
The CBSI Amendment Bill seeks to amend the CBSI Act of 2012 (No.6 of 2012) to address legislative gaps, adapt to technological advancements in the financial sector, expand the scope of CBSI’s participation in the securities markets, rectify ongoing interest market failures in the Solomon Islands, and address related financial matters.

Hou, who is a former prime minister and a former Governor of CBSI, highlighted the exorbitant cost of doing business in the Solomon Islands, with the banking sector being one of the most expensive sectors.
He noted a lack of confidence in the economy, which is largely influenced by these high costs.

The Member of Parliament expressed his concern over the determination of lending rates in the country, which are heavily influenced by these factors. He pointed out that this has led to a situation where interest margins in the Solomon Islands are among the highest in the world.

Hou specifically mentioned that margins of 10 percent or higher are virtually unheard of in most parts of the world, including among regional neighbours where margins are less than 5 percent.

He underscored the challenges faced by individuals and businesses, where they are not only required to keep money as deposits but also pay fees to the banks for the privilege of holding their deposits.

In light of these concerns, Rick Hou expressed his hope that the CBSI would utilize the provisions within the Amendment Bill to guide the nation toward a scenario where margins and interest rates are significantly reduced and more sustainable for both the government and the public.

The CBSI Amendment Bill, if successful in addressing these issues, could potentially lead to a more cost-effective and accessible banking system in the Solomon Islands, contributing to a more favourable economic environment for its citizens and businesses.