SOLOMON ISLANDS DEBT OF SOL$ 536 MILLION REVEALED

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HONIARA, Solomon Islands (June 20, 2002 – Radio Australia)---The Solomon Islands government has revealed that it is in debt to the level of SI$ 536 million (US$ 82,115,200).

The debt was announced at a National Economic Recovery Plan meeting in the capital, Honiara.

The financial report released at the meeting stressed that improving law and order, the implementation of a federal system, and national peace and reconciliation are vital to the government's national economic recovery plan.

It added that sustainable growth could only be achieved through promoting genuine private sector growth rather than more government borrowing, which has now forced the country into a debt of more than SI$ 536 million (US$ 82,115,200).

In addition to financial donor organization participants attending the meeting, there also were representatives from Australia, China (Taiwan), the European Union, Japan, New Zealand, the United Kingdom and the United States.

For additional reports from Radio Australia, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio Australia.

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