STABILISING OF EXPORT RECEIPTS - STABEX : ADVANCE PAYMENTS FOR THE SALOMON ISLANDS AND WESTERN SAMOA
European Commission - IP/86/499 22/10/1986
Other available languages: FR
The Commission has decided to grant advances to the Solomon Islands and Samoa under the Stabex system. SOLOMON ISLANDS - 8 million ECU The advance paid to this country to cover losses in export earnings in the 1986 financial year is for palm products (3 million ECU) and copra (15 million ECU). The country's economy has been seriously affected by the aftermath of cyclone NAMU, which struck the island in May, and following which the Commission provided emergency aid of 100 000 ECU. SAMOA - 2.5 million ECU The country faces economic problems owing to the drop in the price of copra oil, an export on which it is heavily dependent (to the extent of about 50%). This is the basis for the advance of 2.5 million ECU for the 1986 application year.