CBSI governor pleased with World Bank and IMF board of governors meeting

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Governor of Central Bank of Solomon Islands, Denton Rarawa
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Governor of Central Bank of Solomon Islands, Denton Rarawa

SOLOMON Islands head of delegation and Governor for Solomon Islands on the IMF Board of Governors, Denton Rarawa, is pleased with the fruitful outcome of this year’s meetings with the senior management of the World Bank Group and the IMF at this year’s Board of Governors Meetings in Bali, Indonesia.

The Board of Governors of the World Bank Group and International Monetary Fund (IMF) concluded their 2018 Annual Meetings on Sunday, October 14, 2018.

A number of important issues were raised and discussed with the management of these two international financial institutions during the meeting which included; the request for budget support for the Government from the World Bank in 2019, the upgrading of the Henderson International Airport, Tina River Hydro Project, and other key thematic issues like connectivity infrastructures, climate change and natural disasters, human capital index and others has all affect growth and development in Solomon Islands.

Moreover, the delegation also discussed with the World Bank Group future investment programmes that will stimulate new sources of growth in the country.

On the engagement with the International Monetary Fund management, Mr Rarawa confirmed that discussions centred on the outcome of the economic and fiscal assessments, from Article IV Consultations that was held in the country in July.

These include; the Solomon Islands Debt Sustainability Report that was also released by the IMF at the annual meeting, with the Article IV Report that will be discussed by the IMF Board in late November, as well as areas for continuous technical assistance for the Central Bank of Solomon Islands and the Ministry of Finance & Treasury.

Rarawa also confirmed that he is fully satisfied with the outcome of meetings with Senior Executives of the Crown Agent Bank of London as well as Senior Officials of the Federal Reserve Bank of New York on correspondent banking services.

Rarawa is optimistic that a correspondent banking relationship with the Crown Agent Bank of London should be established by the end of this year, despite efforts to derail the process by certain people.

He also issued a statement at the plenary of this year’s Board of Governors Meetings on behalf of nine Pacific Islands Countries (PICs). It was confirmed that the joint statement captured issues of common interest across the nine PICs.

On the international front, Rarawa also confirmed that high on the main issues discussed at this year’s meetings is the trade war between the United States and China.

Rarawa pointed out that this issue needs to be closely monitored since the outcome of the trade war on the Chinese economy will affect the Solomon Islands economy as China is an important export market for our logs.

A statement released by Rarawa and his delegation confirmed that both his staff as well as officials from the Ministry of Finance and Treasury will work with the World Bank Group and the IMF to progress key decisions agreed at the Meetings in Bali.

Attending this year’s Board of Governors Meetings in Bali on behalf of the Minister of Finance and Treasury, are the Ministry’s Under Secretary Economics, Mr Mckinnie Dentana and Chief Economic Officer, Mr Barnabas Vote.

–GCU

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