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Solomon Islands : Requests for Purchase under the Rapid Financing Instrument and Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Solomon Islands


International Monetary Fund. Asia and Pacific Dept

Publication Date:

June 4, 2020

Electronic Access:

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The COVID-19 pandemic is having a severe impact on Solomon Islands’ economy. The global economic slowdown has reduced demand for its commodity exports, including logging exports, and tourism. The authorities have enacted strong and timely containment measures to limit the risk of a local outbreak while orienting additional spending towards health care and support for the economy. The necessary containment measures have hampered domestic activities. The disruption of activity, together with loss in revenue from exports, are resulting in a sharp decline in foreign exchange reserves and an immediate external financing gap. The need for sufficient external buffers is urgent, particularly in the context of the basket exchange rate peg regime, a weak fiscal position, ongoing uncertainty and still large downside risks.