Gov’t anticipates passage of DBSI Bill today

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Solomon Islands National Parliament
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By Gary Hatigeva

PARLIAMENT will continue with its committee proceedings into the Development Bank of Solomon Islands Bill 2018, from where it left off last Friday, as there is great anticipation for it be voted through today.

On Friday last week, Parliament was resolved into the Committee of the Whole House and started the proceedings of the bill, which looks to re-establish the defunct DBSI, but was adjourned the session covered only six clauses.

The 49 Clause Bill was brought before parliament early this month and was put in for its first reading, but was later brought down to the Bills and Legislation Committee (BLC) for its inquiry.

A thorough inquiry was conducted and many including members of the committee were expressing positive anticipation on the bank’s revitalisation, with hopes for it to be the solution to the ever pressing financial situation, which is seen as a negative factor to the in-activeness of the local population in the development of the country’s economy.

The Bill, according to officials, went through tremendous self scrutiny within the government circle before it was brought up to parliament, and they believe it is ready to become an act.

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An act that is people oriented and a solution to the growing need of our informal sector, so as the Small and Medium Enterprises who are also finding themselves isolated in the commercial banking arena.

But with development bank’s re-establishment, it is expected to facilitate the economic and social development of Solomon Islands within the overall development plans and strategies of the government, with emphasis on the participation of Solomon Islanders in economic and rural developments, and any other form of establishments that also intend to contribute to the development sector of this country.

The Finance and Treasury Minister was highly praised for ensuring that the bill saw the light of parliament, and for the initiative to bring back a once popular institute, that had served but only a few lucky ones in its initial establishment.

It is also the current government’s intention, as evident in the bill, which is to revitalise the institute to serve the people of this country especially, those in the rural settings, and so as those who intend to become direct contributors to the fading economy of Solomon Islands.

The Bill if passed will repeal the existing Development Bank of Solomon Islands Act (Cap. 50), while also amending certain sections within the Financial Institution Act 1998.

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