This report reviews the Observance of Standards and Codes on the Fiscal Transparency Module for Samoa. The assessment reveals that as a result of reforms over a number of years, Samoa has made substantial progress in improving fiscal transparency and now meets the standards in the Fiscal Transparency Code in a significant number of areas. There is a comprehensive and modern legal framework for fiscal management. The central bank has effective independence. The budget is comprehensive and reliable, the public accounts are timely and comprehensive, and there is quite extensive reporting of noncash items.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Samoa has achieved a major economic transformation over the last decade and a half. This 2007 Article IV Consultation highlights that real per capita GDP in Samoa has increased by more than 3 percent per year on average, and external public debt has fallen below 40 percent of GDP. The external position benefited from the rapid growth of remittances and tourism receipts. Executive Directors have congratulated the authorities on Samoa’s impressive growth performance and economic transformation over the past decade, with Samoa now set to graduate from least developed country status.
After a moderate recovery in 2010–11, the Samoan economy has shown signs of slowing down amid rising inflation. After two consecutive years of contraction, real GDP has expanded by 2 percent in 2010–11. The Central Bank of Samoa has maintained an accommodative monetary policy to support economic activity. However, continued structural reforms are required to lift Samoa’s economic growth and to ensure financial stability. Considerable progress has been made in tapping customary land for productive use.