Central Bank of Solomons to establish export credit facility

7:01 pm on 7 May 2020

The Central Bank of Solomon Islands is working on establishing an export credit facility to support the country's exporters.

This was revealed by the prime minister Manasseh Sogavare at the launch of his government's US$37.5 million economic stimulus package on Monday.

It comes under the immediate or "soft term" part of the package which aims to help the country's economy to weather the impacts of the Covid-19 pandemic.

The Central Bank has also indicated it will support the government's bond issue.

Some of the standout features of the stimulus package included a five-year tax holiday for tourism operators in the country, loan holidays and US$8.5 million worth of subsidies for copra and cocoa export products.

Mr Sogavare said funding for the Economic Stimulus Package was being sourced through government bonds and overseas concessional loans as well as direct budgetary support from donors.

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