Government Identifies Three Key Sectors to Take Over From Logging
Acting Finance Minister, Gordon Darcy Lilo made the announcement in a press conference with local media last week.
"It is so important to prepare ourselves structurally, with the sector that will be able to take over the burden of generating economic benefits to the country that is currently being done by the logging sector."
Mr. Lilo said the CNURA government has taken a step further and has approved the allocation of 5 percent from the debt servicing revenue account to the three key sectors.
"The three key sectors the cabinet has identified is tourism, Fisheries and Agriculture, and the financing will start this year."
Mr. Lilo said the government feels that the three sectors are the potential sectors for Solomon Islands.
"If we properly plan and develop the resources that we have, we will be able to guarantee a good flow of income and economic growth for the country."
He revealed that the 5 percent is around $40 - 50 million dollars and that money will prepare the three key sectors to fill in the gap left by logging sector.
Mr. Lilo said currently 15 percent of total government revenue is placed into the debt servicing account.
"Now that we have been able to reduce our debt obligation to about 57 percent of our total GDP, we feel that we are now in a comfortable situation, to use some of the revenue allocation over to other essential sectors."