Solomon Islands

No amount/estimate: (i) April 2020, The central bank has confirmed its commitment to continue maintaining an expansionary monetary policy stance; On 15 September 2020, CBSI has resolved to maintain its expansionary monetary policy for the next six months; On 11 March and 23 September 2021, this has been further extended to another six months.

No amount/estimate: 15 June 2020, The bank also relaxed some commercial banks' Prudential Guidelines (No. 2) on asset classification and provisioning and (No. 8) regarding disclosure of interest rates, fees, and charges.

No amount/estimate: 8 April 2020, The stimulus package is expected to include tax relief for specific sectors.

No amount/estimate: April 2020: (i) The government has scaled down nonessential public services and will support affected public officers with one-off travel allowance; (ii) The government has not laid off any public servants, but instead required them to take leave on half pay; (iii) The National Provident Fund has made funds available to its members that are temporarily laid off or returned home; (iv) 8 April 2020, The stimulus package is expected to include (a) utility relief from Solomon Power and Ports Authority, (b) loan and interest relief from banks and financial institutions, and (c) ongoing payroll support for nonessential public servants; (v) 6 May 2020, The package includes employment support for youth and women; (vi) 15 June 2020, The cabinet revoked the decision on half pay for non-essential public servants that started on March 31. Any salary that was withheld will be repaid when officers are recalled to duty.

No amount/estimate: April 2020: (i) Measures will likely include capital grants to businesses to support investment in productive and resource sectors, focusing on investments that add value to agricultural products and the fisheries, forestry, and tourism sectors, including through a new COVID-19 finance product to support agricultural ventures; (ii) It will also be used to finance specific investments and products of the Development Bank of Solomon Islands; (iii) 16 June 2020, The government provided price subsidies for copra and cocoa as part of the Economic Stimulus Package (ESP) to encourage local farmers to produce more and benefit from the subsidy scheme; (iv) 2 February 2021, The government, through its ESP initiative injected SBD1.2 million to restore life into an ailing noni local business registered as Solomon Noni Corporation to support its operations; (v) 16 February 2021, Last year, the Government injected SBD300,000 into Kokonut Pacific under its ESP. Today, the government signed another agreement for a subsidy of SBD150,000 to Kokonut Pacific to support the industry.

No amount/estimate: 6 May 2020, The package includes advancing planned infrastructure investments.

(i) April 2020, USD1.99 million - TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases. As of 8 October 2021, the amount increased to USD2.05 million; (ii) 15 April 2020, USD0.02 million TASF - REG: Strengthening Social Protection in the Pacific; (iii) 22 April 2020, USD6 million (USD3 million COL; and USD3 million ADF) - REG: Pacific Disaster Resilience Program (Phase 2); (iv) 24 April 2020, USD0.13 million TASF - REG: Developing the Pacific Health Sector (Additional Financing); (v) 5 June 2020, USD0.14 million TASF - REG: Pacific Economic Management, Phase 3 (Additional Financing); (vi) 24 June 2020, USD20 million (USD10 million COL, USD10 million ADF) COVID-19 Rapid Response Program; (vii) No amount/estimate: 24 July 2020, USD0.04 million cofinanced amount under Strengthening Social Protection in the Pacific (Additional financing); (viii) 29 July 2020, USD1.5 million COVID-19 Emergency Response under the Asia Pacific Disaster Response Fund; (ix) 10 August 2020, USD0.25 million TASF - Knowledge and Support Technical Assistance for Strengthening Water, Sanitation, and Hygiene Practices and Hygiene Behavioral Change in the Pacific; (x) 12 August 2020, USD0.11 million TASF - Support for Gender Sensitive Responses to COVID-19 in the Pacific Developing Member Countries; (xi) 11 December 2020, USD5 million - Pacific Disaster Resilience Program (Phase 3) under ADF; (xii) 17 December 2020, USD0.3 million TASF - Supporting Recovery by Micro, Small and Medium-sized Enterprises in the Pacific from the Effects of the COVID-19 Pandemic; (xiii) 1 February 2021, USD23.88 million cofinanced amount under the COVID-19 Rapid Response Program; (xiv) 8 March 2021, USD0.10 million for Improving Pacific Public Financial Management Facility under the Asia Pacific Disaster Response Fund.

(i) 14 April - 13 Oct 2020: IMF Catastrophe Containment and Relief Trust-Grant Assistance For Debt Service Relief, SDR59,428 (SDR0.729/USD); (ii) April 2020, USD0.3 million UN COVID-19 Response & Recovery Fund from UNDP; (iii) 20 May 2020, Australia will provide USD100 million financial support to 10 Pacific countries and AUD13 million has been allocated for Solomon; On 11 December 2020, as part of Australia’s AUD13 million (SBD70 million) COVID-19 response package in Solomon Islands, every province has received a cash grant and resources including 4WD vehicles, boats, OBMs, computers and printers; (iv) 1 June 2020, IMF Executive Board approves a USD28.5 million disbursement to address the COVID-19 pandemic comprising SDR6.93 million (about USD9.5 million, 33.3% of quota) under the Rapid Credit Facility (RCF) and SDR13.87 million (about USD19 million, 66.7% of quota) under the Rapid Financing Instrument (RFI) to help cover urgent balance of payments needs stemming from the COVID-19 pandemic; (v) 6 August 2020, UNICEF Solomon Islands welcomes a USD0.347 million funding from the Government of Japan to boost ongoing COVID-19 preparedness efforts; (vi) 20 August 2020, The Government of Australia was pleased to provide SBD1 million (USD0.122 million) to the Ministry of Health and Medical Services for five new medical ventilators as part of its broader support to Solomon Islands’ COVID-19 preparedness and response; (vii) 25 August 2020, The Ministry of Agriculture and Livestock (MAL) through the Livelihood Sector Committee (LSC), signed two project funding agreements with the UN Food and Agricultural Organization for a total amount of USD0.999 million (approximately SBD8 million); (viii) 31 August 2020, The European Union and the Government of Solomon Islands have signed a new Financing Agreement, which will provide EUR8 million or nearly SBD78 million (USD9.5 million) to improve the efficiency of the response to the COVID-19 crisis, especially in the key sectors of health and education; (ix) 2 October 2020, IMF Catastrophe Containment and Relief Trust (2nd Tranche) - grant assistance for debt service relief, USD0.10 million; (x) 4 January 2021, USD5 million World Bank COVID-19 Emergency Response Project; (xi) No amount/estimate: 19 March 2021, Solomon Islands receive 24,000 doses of AstraZeneca COVID-19 vaccines through the COVAX facility; (xii) 5 April 2021, USD0.14 million IMF Catastrophe Containment and Relief Trust (3rd Tranche); (xiii) No amount/estimate: 11 May 2021, Australia donated 60,000 doses of AstraZeneca manufactured from the Commonwealth Serum Laboratories [CSL] in Melbourne; (xiv) 27 May 2021, The People’s Republic of China has provided further assistance of USD0.15 million (approx. SBD1.2 million) toward the vaccination roll out and COVID-19 operations and logistics; (xv) No amount/estimate: 2 June 2021, Solomon Islands received 28,800 doses of AstraZeneca vaccines from New Zealand through the COVAX facility. The shipment arrived on 19 June 2021; (xvi) 10 June 2021, New Zealand contributes additional economic support worth SBD10 million for the deployment of and roll out of the COVID-19 vaccination plan; (xvIi) As of 10 June 2021, Apart from COVID-19 vaccines, New Zealand has donated an X-ray machine, thousands of pieces of PPEs, hundreds of COVID-19 testing kits, support to obtain GeneXpert cartridges during period of global shortages, refurbishment of 5-bed isolation ward at NRH and budgetary support of NZD3 million for COVID-19 response; (xviii) 19 June 2021, New Zealand will provide NZD2 million (around SBD11 million) to support the government’s ongoing implementation of the COVID-19 vaccine deployment plan; (xix) 28 June 2021, Solomon Islands receive a fiscal relief package worth NZD6 million (SBD34 million) from the New Zealand Government in support of the ongoing recovery effort of the island; (xx) No amount/estimate: 29 August 2021, The Government of Japan has provided 56,000 doses of the Oxford-AstraZeneca COVID-19 vaccine to Solomon Islands via the COVAX Facility to strengthen vaccination rollout; (xix) 13 September 2021, WHO handed over SBD1.2 million worth of supplies to support current COVID-19 preparedness and response including COVID-19 vaccination roll out and ongoing Tuberculosis program; (xx) 18 October 2021, Australia donated 100,000 doses of arrived Australian made AstraZeneca COVID-19 vaccines; (xxi) 15 October 2021, To date, the EU has contributed EUR22 million (SBD205 million} to strengthen the country’s health system and EUR6.45 million (SBD60.35 million) to mitigate the socioeconomic impact of the COVID-19 crisis; (xxi) No amount/estimate: 22 October 2021, The Government of Japan and UNICEF have handed over four four-wheel drive vehicles to the Solomon Islands Ministry of Health and Medical Services to boost vaccination efforts in the country. An additional vehicle and 14 long-range high horse powered boats are expected to be delivered over the next few weeks [update].