Face-value of properties damaged during riot

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Fire officers trying to put off fire at the kukum area during the riot. PHOTO: Mavis N Podokolo
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BY BEN BILUA

Gizo

Minister for Finance and Treasury has outlined the dollar values of properties damaged during the November riot last year.

Speaking in Parliament last month, Harry Kuma said the values of properties damaged during the riot are as follows; Destruction of 162 properties worth $811 million, destruction of Honiara High School building, worth $21.1 million, destruction of two police stations worth $2.3 million and loss of employment and income for many workers and their families.

He said these add to the total government loss of revenues worth $84.0 million for November and December alone.

Kuma said these losses further put pressure on the local economy which has already been stretched by the pandemic.

He said the country’s economy is currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the Coronavirus Pandemic and November 2021 civil unrest.

“In early 2021, Real Gross Domestic Product (GDP) growth was forecasted to rebound by 1.0 percent, from minus 3.6percent in 2020. Unfortunately, 2021 ended with real GDP contraction of 0.2 percent.

“The economy is expected to further contract by 4.5 percent in 2022, as a result of both the COVID-19 Pandemic transmission and aftermath of the November 2021 civil unrest,” Kuma said.

He said key issue going forward is the pace and rate of vaccinations so that domestic economic activities can goes back to normal.

Kuma said, the government will do all it can within its mandate and resources, but all eligible Solomon Islanders must also vaccinate as their heath and destiny is also in their own hands.


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