The impact of the 2009 tsunami on tourism and on the Samoan economy is likely to be substantial. The effectiveness of monetary transmission in Samoa has improved over time; however, it is still below international standards. The adverse impact of the crisis on the functioning of the banking system may be alleviated by an improvement in the financial infrastructure. State-owned enterprises (SOE) continue to play an important role in Samoa, and the key to successful SOE reform in Samoa will be placing them on a fully commercial footing.
cannot be paid without prior cabinet and MoF approval, and 50 percent of net profit after tax must be paid to government as dividend. A Cabinet Submission was submitted in March 2010 that listed potential candidates that could replace ex-officio directors.
E. Possible Ways Forward
13. If the government is to successfully execute the privatization of its remaining nonstrategic SOEs, it will need political commitment at the highest levels to overcome existing points of resistance . SOEdivestiture takes time even in the most buoyant markets. In Samoa, where the
Public sector operations and the business climate
23. To improve growth prospects and the business climate, the government will streamline its operations and reduce its intervention in the economy. To that end, it will pursue a two-pronged approach, by (i) conducting significant SOEdivestitures and improvements in the efficiency and accountability of those enterprises remaining in the public domain, and (ii) creating a professional and well-remunerated civil service. Transparent tenders for SOEdivestiture will continue to be launched, with a
The staff report for the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Georgia highlights economic developments and policies. Growth has remained robust and inflation subdued against the backdrop of steady remonetization. Rapid growth in fiscal revenue has permitted a faster-than-expected clearance of domestic arrears. Parliament is expected to vote shortly on a tax reform bill designed to streamline the tax code and encourage investment. Structural reforms will continue to be geared toward consolidating the fiscal position, deepening financial sector reforms.
enterprises from the public sector has been uneven . A number of large transactions were completed in 1997, lifting privatization proceeds to the budget to some US$340 million, and ministries began a steady flow of small SOEdivestitures through the sale of enterprises, individual assets and in selected cases through entering enterprises into liquidation proceedings. Measured by the number of transactions concluded, 1998 saw a further acceleration. However, few large deals were closed in 1998, and privatization receipts to the budget fell to about US$150 million. The
This paper reviews economic developments in Bulgaria during 1990–97. Bulgaria’s macroeconomic performance during 1990–97 was weaker than in most transition countries in the region. With economic activity declining significantly during most years, the cumulative fall in real output over this period amounted to 37 percent. Although Bulgaria’s difficult initial conditions and adverse external shocks played a role, the weak performance mainly reflected the stop-and-go nature of stabilization policies and the slow pace of structural reform.