This was following the anticipation of the effects of the global financial crisis in Europe and the low log market price.
Mr Ete warns that unless the country has alternative primary industries to take over from the low log market price, the country may not be ready for the impacts of the economic recession expected next year.
The Public Accounts Committee Chair urges all government institutions and multilateral partners such as the International Monetary Fund and World Bank to consider alternatives arrangement.
He said, the situation is worse off as all logging bank accounts and bonds will be closed in January 2013.
Mr. Ete was speaking during the Public Accounts Committee's hearing over the weekend.
Call to Revisit Country Policies
Solomon Islands Chairman of the Public Accounts Committee, Douglas Ete is urging the Ministries of Finance and Forestry to seriously look at policies that will sustain the country's economy.
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