THE Development Bank of Solomon Islands Bill 2018 is currently before the Committee of the whole House after it was debated on the floor of the parliament, Friday.
This Act will establish the Development Bank of Solomon Islands, to repeal the Development Bank of Solomon Islands Act (Cap.50) and for related purposes.
The Act commences on the day appointed by the Minister for Finance and Treasury by notice in the Gazette.
The Object of this Bill is to establish the Development Bank of Solomon Islands, to replace the Development bank of Solomon Islands.
The principal objective of the reform is to develop a legal regime that is in conformity with good governance and banking international best practices.
It also provides transparency and accountability over directions made by the Minister and provides a framework for the general operations of the Bank that is relevant to the country context.
The purpose of the Bank is to facilitate the economic and social development of Solomon Islands within development plans and strategies of the Government.
This bill also limits the Minister’s power to give directions, and requires all such directions to be reported to Parliament.
Most of the parliament members uttered their support for this bill and further stressed that this bill will strengthen the rural economy of Solomon Islands.
They stressed that this bill will target the rural farmers and fisherman to access funds to meaningfully involve in the economy of this country.
Opposition Leader and Member of Parliament for East Malaita, Manasseh Maelanga in his debate urged the Solomon Islands Democratic Coalition for Change Government (SIDCCG) to ensure that after its passage it must be implemented as soon as possible.
Meanwhile the Committee of the whole house was adjourned for further deliberation of the bill next Monday 12th of November 2018.
The parliament is adjourned for Monday.
By ANDREW FANASIA