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International Monetary Fund

economic slowdown. In particular, the impact on Samoa’s tourism sector, which is its main commercial source of foreign exchange, was significant. The ESF disbursement will provide the authorities with financial assistance to support the country’s external reserves amid shortfalls in export earnings and increased import costs related to the disaster response. It will also help catalyze significant donor support by signaling the authorities’ commitment to maintain sound macroeconomic policies. Following the Executive Board discussion, Mr. Takatoshi Kato, Deputy

International Monetary Fund

balance of payments need as defined in the context of the GRA would be a condition for each ESF disbursement. 10 The PRGF, on the other hand, is appropriate where there is a protracted balance of payments problem requiring both policy adjustment and structural reforms aimed at achieving macroeconomic stability; no representation of balance of payments need is required for PRGF disbursements. 11 ESF financing would normally be available to those low-income members that do not need to implement broad structural reforms in order to allow successful adjustment to the

International Monetary Fund
This paper discusses a request from Samoa's authorities for a Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility (ESF-RAC). The tsunami that hit Samoa on September 29, 2009 has undercut Samoa’s economic resilience and prospects for a quick recovery from the global recession. Real GDP is likely to contract in 2010. The authorities have requested a disbursement equivalent to 50 percent of quota (SDR 5.8 million) under the IMF’s ESF-RAC. IMF staff supports the request on Samoa’s low public debt and credible commitment to sound macroeconomic policies.
International Monetary Fund
International Monetary Fund

This paper discusses a request from Samoa's authorities for a Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility (ESF-RAC). The tsunami that hit Samoa on September 29, 2009 has undercut Samoa’s economic resilience and prospects for a quick recovery from the global recession. Real GDP is likely to contract in 2010. The authorities have requested a disbursement equivalent to 50 percent of quota (SDR 5.8 million) under the IMF’s ESF-RAC. IMF staff supports the request on Samoa’s low public debt and credible commitment to sound macroeconomic policies.

International Monetary Fund

This paper discusses a request from Samoa's authorities for a Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility (ESF-RAC). The tsunami that hit Samoa on September 29, 2009 has undercut Samoa’s economic resilience and prospects for a quick recovery from the global recession. Real GDP is likely to contract in 2010. The authorities have requested a disbursement equivalent to 50 percent of quota (SDR 5.8 million) under the IMF’s ESF-RAC. IMF staff supports the request on Samoa’s low public debt and credible commitment to sound macroeconomic policies.

International Monetary Fund

This paper discusses a request from Samoa's authorities for a Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility (ESF-RAC). The tsunami that hit Samoa on September 29, 2009 has undercut Samoa’s economic resilience and prospects for a quick recovery from the global recession. Real GDP is likely to contract in 2010. The authorities have requested a disbursement equivalent to 50 percent of quota (SDR 5.8 million) under the IMF’s ESF-RAC. IMF staff supports the request on Samoa’s low public debt and credible commitment to sound macroeconomic policies.

International Monetary Fund

. International reserves rose, buoyed by the ESF disbursement, the SDR allocation, and donor disbursements of budget support. The FY 09/10 budget and June 2009 Monetary Policy Statement present an appropriate macroeconomic framework based on additional fiscal stimulus and monetary easing. The policy framework incorporates an economic rescue package containing specific interventions to support affected sectors (cotton, coffee), and protect rural livelihoods. There are significant risks to the macroeconomic outlook. Some leading indicators point to a nascent recovery, but it

International Monetary Fund

Executive Board on February 16, 2007. The PSI-supported program was extended until May 29, 2010 at the time of Executive Board approval of a 12-month arrangement under the High Access component of the ESF arrangement in the amount of SDR 218.79 million (110 percent of quota) on May 29, 2009. The sixth review of the PSI-supported program and the first review of the ESF arrangement were approved on November 23, 2009, with cumulative ESF disbursements of SDR 198.9 million. Reviews : Staff recommends completion of the seventh review under the PSI and the second review under

International Monetary Fund

. Multiple Shocks Weaken Economic Performance III. The RAC-ESF Disbursement Provided Some Breathing Space IV. The Outlook is Challenging V. Policy Discussions A. Supporting Economic Activity and Preserving Fiscal Sustainability B. Safeguarding Price Stability While Providing Sufficient Liquidity to Support Economic Activity C. Maintaining Vigilance in the Financial Sector D. Mitigating External Vulnerabilities E. Accelerating Economic Growth with Structural Reforms VI. Staff Appraisal Boxes 1. The Authorities’ Response to Past Fund Advice 2