Governor General H.E. Sir David Vunagi says the Democratic Coalition Government for Advancement (DCGA) is strongly committed to sustainable economic needs of the country.
Sir Rt Rev. Vunagi uttered the statement when he delivered the ‘Traditional Speech from the Throne’ in parliament to open the 3rd meeting of the 11th parliament, Monday 16 March.
“The DCGA is strongly committed to work in partnership with the private sector to drive sustainable economic growth. DCGA recognises that the private sector engagement is fundamental and pivotal in our development aspirations,” Sir Vunagi said.
He said that access to finance is vital for (our) local entrepreneurs and small to medium enterprises to thrive and flourish.
Meanwhile, he said that Work on the Development Bank of Solomon Islands (DBSI) has been completed and appointment of interim CEO done.
“Recruitment and training is currently in progress and the bank is expected to be operational within the second quarter of 2020.
“DBSI is also looking at other innovative banking products in combination with traditional sources of funding to finance its operations,” he said.
Sir Vunagi also announced that the Micro, Small to Medium Enterprises (MSME) Bill is expected to be brought to Cabinet in July.
“It is envisaged that this Bill will be laid before Parliament in the last quarter of this year. This law intends to provide an enabling environment for MSME growth in Solomon Islands. As such, it is expected that this Bill will be laid before Parliament in this current meeting.”
He further added that under the MSME Policy institutional framework, the Government is now working on the MSME advisory Support Centre framework and structure.
“This would enhance quality business advisory services to SMEs wishing to access financial services from DBSI. The SME advisory centre is expected to be fully operational by the second half of this year.
“…Government policy is to develop robust legislation and create an enabling environment to support economic development and expansion of financials market.
“…to achieve this the Government will review the Trustees Act, Solomon Islands National Provident Fund Act and Credit Union Act. Of these three Acts the Government aims to bring the Credit Union Bill to Parliament in the last quarter of this year. It is expected the Credit Union Bill when passed by Parliament will enable DBSI to roll out its products in the rural areas.”