Tracking Economic Stimulus Package Investments in the Tourism Sector
BY ALEX DADAMU
MINISTRY of Culture and Tourism has stated that the process of tracking the Economic Stimulus Package investments in the Tourism Sector is being done by Tourism Solomon tracking business who has been supported by the Ministry of Finance and Treasury.
This was highlighted in the Public Accounts Committee report on the 2021 Appropriation Bill 2021 released this week.
PAC in its report stated that the committee was concerned with the impacts of the COVID-19 on the tourism sector and how the ministry track investments through the Economic Stimulus Package (ESP) in the tourism sector.
The report stated that in response, the ministry has stated that it aims to stabilize the tourism sector and create employment. And it is looking at the ESP to trigger new business initiatives, facilitating new investment platforms, and encourage new investors to come on board. This will also maintain current investors and supporting them to be sustainable during the pandemic.
“In terms of tracking the ESP investments, the process is being done by Tourism Solomon tracking business who have been supported with the Ministry of Finance and Treasury,” the tourism ministry highlighted in the report.
It was also emphasized that the ministry will also provide a guarantee scheme to the Development Bank of Solomon Islands (DBSI) and tourism providers to loan funds from DBSI.
“An amount of $2 million has been allocated under the development budget. DBSI has never utilized it yet and wants to try it this year since access to funds is challenging. DBSI will develop a product for this arrangement but for accountability purposes the ministry will not be directly involved in this fund.
It is understood that the Public Accounts Committee (PAC) had completed its examination of the 2021 Appropriation Bill 2021 (No.2 of 2021) from 22 to 31 March and 257 witnesses have appeared before the Committee including the ministry of culture and tourism.
