Govt’s policy redirection targets vibrant economic recovery
The Government’s Policy Redirection is the Government’s strategy to prioritise budget spending on specific targeted objectives in all sectors, with specific focus on the productive and resource sectors.
The aim is to support the economy in response to negative impacts of COVID-19 while maintaining a continued long-term focus on developing Solomon Islands into an economically strong and vibrant nation and advance the livelihood of our people.
According to the Prime Minister Manasseh Sogavare the government had decided to redirect its policy after thoroughly reflecting on “our past drawbacks and using this experience to set the basis for future growth and further development in our country”.
He stated that actual government spending on investment projects in both the productive and resource sectors had drastically declined over the last three years.
The Prime Minister further states that in 2018, the government spent $557.5 million on investment projects in both the productive and resource sectors and of which further declined to $412.5 million in 2019 and to $355.5 million in 2020.
“This downward trend is a concern to the government,” the Prime Minister reiterated.
Prime Minister Sogavare further acknowledged the productive and resource sectors as important pillars of the economy.
“If Solomon Islands economy is to grow and provide jobs for the growing population, then adequate financial resources must be allocated to both the productive and resource sectors,” he said.
This explains why government has increased budget allocations to both sectors to $580.2 million in 2021.
The Democratic Coalition Government for Advancement (DCGA) is fully committed to the implementation of its policy priorities in the interest of economic empowerment and national stability.