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International Monetary Fund

Government of Australia co-financing, for a total amount of US$88 million. AsDB’s approved ADF lending for this project is US$26.61 million. Three TA grants were approved from 2007 for a total of US$3.55 million, including the latest for preparing the Afulilo Environmental Enhancement Project for US$1.2 million, approved in September 2008. A US$1.00 million grant has been provided for immediate tsunami relief. Samoa: AsDB Loan Approvals and Disbursements, 2002–08 (In millions of U.S. dollars) 2002 2003 2004 2005 2006 2007 2008

International Monetary Fund

improve the government’s financial management through TA for Economic Management and Public Sector Reform recognizing the sizeable constraint the poor performance of public enterprises is placing on government ability to fund needed goods and services. AsDB Loan Approvals and Disbursements, 2003–2008 (In thousands of U.S. dollars) 2003 2004 2005 2006 2007 2008 Loan disbursements 1 2,424 2,494 1,564 152 … … Cumulative disbursements 1 9,494 11,988 13,552 13,704 13,704 13,704 Cumulative net loan

International Monetary Fund

Recovery Support Program (totalling US$26.8 million) was approved and loan funds from subprogram 1 (US$16 million) are expected to be disbursed by May 2010. Samoa: AsDB Loan Approvals and Disbursements, 2003–09 (In millions of U.S. dollars) 2003 2004 2005 2006 2007 2008 2009 Loan approvals 8.0 0.0 8.1 0.0 26.6 2.8 0.0 Loan disbursements 1.9 2.8 2.7 1.6 1.4 2.6 6.3 Cumulative loan amount available 1 120.8 121.6 128.1 122.8 150.8 152.6 146.3 Cumulative disbursements

International Monetary Fund

for the private sector. An Education Sector Project II was approved in 2005 with AusAID and NZAID co-financing for a total amount of $30 million. ADB’s approved ADF lending for this project is $8.06 million. Four TA grants were approved from 2005 for a total of US$1.8 million, including the latest for preparing the power sector expansion program for US$0.75 million, approved in May 2006. Samoa: AsDB Loan Approvals and Disbursements, 2000–2006 (In millions of U.S. dollars) 2000 2001 2002 2003 2004 2005 2006 Loan

International Monetary Fund

of micro-, small and medium-sized enterprises. One loan was approved in 2001 for the energy sector amounting to US$6.0 million and three TA grants were approved in the same year for a total of US$800,000. No loan was approved in 2002. However, three TA grants were approved in 2002 in the areas of social infrastructure and energy, for a total of $1.0 million. Samoa: AsDB Loan Approvals and Disbursements, 1997–02 (In millions of U.S. dollars) 1997 1998 1999 2000 2001 2002 Loan approvals 0.0 7.5 … 10.5 6

International Monetary Fund

structural changes toward a more efficient public sector and the opening up of the economy to the private sector. This is proposed to be achieved through the AsDB’s technical assistance program for strengthening financial and economic management. Kiribati: AsDB Loan Approvals and Disbursements, 1995–2000 (In thousands of U.S. dollars) 1995 1996 1997 1998 1999 2000 Loan approval 8 … … 10,238 … … Loan disbursements 250 –60 … … … 1,038 Cumulative disbursement 3,825 3,765 3,765 3,765 4

International Monetary Fund

private sector. One loan was approved in 2003 for the Sanitation and Drainage Project amounting to US$8.0 million. Four TA grants were approved in the same year for a total of US$1.725 million. No loan was planned for 2004. However, three TA grants were processed in 2004 in the areas of privatization support, preparation of an education policy and strategy for 2006–2013, and strengthening SOEs corporate governance, for a total of US$700,000. Samoa: AsDB Loan Approvals and Disbursements, 2000–2005 (In millions of U.S. dollars) 2000 2001 2002

International Monetary Fund
Kiribati's economic policies reflect the country's communally oriented values that favor social cohesion over individual self-reliance and the rough and tumble of the market economy. Unfavorable external conditions, fiscal slippages, and the lack of structural reforms have led to a weakening in Kiribati's external and fiscal positions. To achieve sustainable medium-term growth, timely implementation of fiscal consolidation and structural reforms is critical. Public enterprise reform and privatization, along with civil service rationalization, should be at the top of the reform agenda.
International Monetary Fund
This 2009 Article IV Consultation highlights that inflation in Kiribati increased to about 19 percent by end-2008, largely reflecting higher food prices. The current account deficit was broadly unchanged in 2008. Structural reforms are under way, although the pace has been limited by capacity constraints. Executive Directors have welcomed the recent improvement in economic activity. They have also welcomed the planned review and reform of public enterprises as critical to promoting private sector development, and to boosting the growth potential.
International Monetary Fund
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.