Solomon Islands Parliament pass 2008 budget

Solomon Islands National Parliament passed the country's 2008 budget of more than SBD$1.4 billion yesterday with minor typical amendments.

More than one-billion dollars was earmarked for ministerial expenses with more than 380-million dollars allocated for development projects.

It took Parliament seven days to debate the budget in the general debate, committee of supply and third reading which ended this afternoon.

Much of the development budget was allocated to the Ministry of Rural Development and Indigenous Affairs headed by the Deputy Prime Minister Fred Fono.

In this years budget the government hopes to collect increased revenue from domestic sources and hopes to control spending according to the budget.

It also hopes to refrain from borrowing any money locally and internationally.

Finance Minister Snyder Rini said the government will be looking at other revenue sources now that the logging industry will slowly becoming a less important income earner for the government over the next few years.

The current budget meeting is expected to end this week with a motion of Sine Die.

Source: Solomon Times