The Solomon Islands Chamber of Commerce and Industry (SICCI) welcomes the guiding principles behind the Government’s economic Stimulus Package which intends to address the immediate domestic impacts of the COVID-19 global pandemic and build the capacity of the country’s economy to recover and grow over the short and medium term.
SICCI made the statement after Prime Minister Hon Manasseh Sogavare launched and highlighted the details of his Government’s SBD309 million Stimulus Package today (Monday 4 may) at the Heritage Park Hotel which is expected to ease the fallout of the pandemic, on businesses and the general population and to keep the economy afloat.
SICCI, as the peak body representing private sector in the country with more than 200 members businesses, has been consulting with the office of the Prime Minister and the responsible Committee in regards to the Stimulus Package and had submitted its recommendations of behalf of the business community.
SICCI commends the Government for considering its recommendations and policy responses to best assist businesses and the economy.
“The economic slow-down due to COVID-19 is having a significant impact on the Solomon Islands private sector. Businesses have significant immediate cash flow issues and are struggling to stay afloat. Business defaults will have negative spill over effects for the wider economy via job losses, reduced spending in the economy, reduced government revenue and other business disruptions.
“Improving cash-flow for businesses immediately will help to ensure business makes it through the initial economic shock. Post COVID-19 measures can be further focused on stimulating business activity, to bolster inclusive economic growth and government revenue over the medium- to longer-term. As such, the Chamber welcomes the Government’s Stimulus Package and its intentions,” a SICCI statement said today (Monday 4 May 2020).
While welcoming the measures included in the stimulus package, SICCI will be making a more considered analysis in the coming days once it gets a detailed copy of the package.
Meanwhile, the Chamber stated that the implementation phase of this Stimulus Package is of utmost importance in ensuring that the package meets its intended purpose and intended beneficiaries.
SICCI understands that an implementing committee lead by the Ministry of Finance and Treasury Stimulus Package team will be responsible for the coordination and oversight of the stimulus package.