Wale says gov’t must address country’s ailing economy

Leader of Opposition Hon Matthew Wale says the picture painted by the Finance Minister on the state of the Solomon Islands economy is inconsistent with the everyday experiences of ordinary citizens.

Hon Wale said the low inflation rate figures stated by the Finance Minister seem to be on a different planet when compared to the high cost of living complained of by many Solomon Islanders.

As has been the experience from the past 9 years, Hon Wale said tight government cash flows have become the tail wagging the dog in the delivery of services to the people.

“Unfortunately, this is not a new problem,” he said.

The Opposition Leader highlighted during his Supplementary Appropriation Bill 2024 speech in Parliament on Monday this week.

“You talk to bus operators, taxi drivers, truck operators, farmers who bring produce to the markets, women who sell food by the roadside, even bettlenut sellers, and they will tell you the true state of the economy they know, feel, and live daily,” Hon Wale said.

He said the vast majority of Solomon Islanders, life is not just hard, it is very hard indeed.

Hon Wale said food is expensive, transportation is expensive, fuel is expensive, accommodation is expensive, school fees are expensive, the purchasing power of the Solomon dollar is weak, and all of these against long-term low incomes levels.

The Opposition Leader said the majority of Solomon Islander workers barely make ends meet, and they do this mostly by borrowing from loan sharks that further drive them into debt.

“The majority of Solomon Islander workers have no savings, apart from NPF. Not because they do not want to save, but because they are unable to save, given the high cost of living,” he said.

“If you ask an ordinary Solomon Islander whether he or she feels the economic growth stated by the Minister, I think there will be a very loud ‘No’ as a response.”

Hon Wale said this is not a matter that can be fixed with simplistic knee-jerk reactions.

He said it is a structural defect in our economy.

“But there has not been, nor is there any indication that government has the appetite to address it. This is tragically frustrating.

Government need to address these serious structural issues in our economy,” the Opposition Leader said.

ENDS//

– OFFICE OF THE LEADER OF OPPOSITION PRESS RELEASE