OPPOSITION Leader Hon Matthew Wale says the description by the Central Bank Governor Dr Luke Forau of the country’s economy as a ‘sick man’ is of great concern.
The CBSI Governor told media recently that the status of the economy in the past year is like a ‘sick man’ facing uncertainty as it struggles to get out of its sick bed.
Hon Wale said the description by the CBSI Governor is something the Government needs to seriously be concerned about.
“I applaud the Governor for speaking the truth. This is something I have been warning the Government about for a long time, but the government has continued to mislead the public about the true state of our economy.” Hon Wale said.
The Opposition Leader said the Solomon Islands economy is suffering as a result of years of deliberate mismanagement by the government.
“For instance, the government has continued to allow unsustainable logging because some leaders have been benefiting from it. The policy reforms that are desperately needed to begin to turn the economy are not being pursued by the government because of this nonsense,” he said.
As a result, Hon Wale said we would continue to see the economy on the ‘sick-bed’ as described by the Governor of the Central Bank.
Hon Wale said this government’s economic policy is misguided.
He said this is the sad reality of the matter.
“I agree that the impacts of the global economic challenges – covid-19, Russian war on Ukraine is driving high food and fuel prices and causing recession in the global economy. No doubt the Solomon Islands economy is suffering the effects of those as well. However, the schematic and systemic neglect of necessary reforms are the real substantive reasons for the terrible state of our economy” he said.
Hon. Wale said the country’s economy would be more resilient with significant investments in agriculture and fisheries processing and in quality tourism.
But he said these are unlikely to happen under the watch of this government.
Hon Wale said long-term consistent government neglect in natural resource management could only be described as reckless.
“We are suffering the consequences of the government’s recklessness,” he said.
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