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International Monetary Fund
Samoa has suffered severe social and economic shocks. The outlook is challenging and subject to considerable uncertainty. Because of the tsunami’s potentially severe impact on tourism, real GDP is likely to contract this financial year. The fiscal strategy to shoulder the rebuilding costs, minimize capacity risks, and ensure fiscal sustainability is appropriate. Prudent management of monetary policy and the basket peg will be critical. The Samoan economy will have to rely on the private sector for growth. Executive Directors welcome the commitment to structural reform.
International Monetary Fund

: Nominal GDP (in millions of tala) 1,124 1,221 1,336 1,472 1,536 1,485 1623 Nominal GDP (in millions of U.S. dollars) 407 455 522 507 558 540 590 GDP per capita (U.S. dollars) 2,276 2,537 2,902 2,802 3,078 2,967 3,231 Sources: Data provided by the Samoan authorities and Fund staff estimates. 1/ Fiscal year beginning July 1. 2/ IMF, Information Notice System (calendar year). For 2009, latest as of June quarter. Tourism and Remittances (In percent of GDP) Sources: Samoan

International Monetary Fund. Asia and Pacific Dept

. Beyond this immediate response, the authorities remain committed to promote inclusive growth through implementation of their structural reform agenda, while preserving financial-sector and external stability, as well as fiscal sustainability. Approved By Paul Cashin and Chad Steinberg The IMF team, comprising Kenichiro Kashiwase (Head), Seohyun Lee (both APD), Reshika Singh (RR-PIC), and Leni Hunter (Resident Representative, PIC) held discussions with the Samoan authorities by teleconferences during April 8–14, 2020. The Samoan authorities were led by

International Monetary Fund

rates, eliminated credit ceilings, and moved to indirect monetary policy instruments. The success of these reforms was facilitated by Samoa’s political stability: the Human Rights Protection Party (HRPP), in power for the past 25 years, was reelected following the March 2006 Parliamentary elections. Evolution of Samoa’s Budget Deficit, 1992/93-2005/06 (In percent of GDP) Source: Samoan authorities; and staff calculations. 3. The external position benefited from the rapid growth of remittances and tourism receipts. A large and growing population of

International Monetary Fund

also made progress toward the Millennium Development Goals (MDGs). Political stability, close consultation with stakeholders, and extensive efforts to foster a broad consensus for reform were integral to the program’s steady implementation and success. The reforms, while developed and owned by the Samoan authorities, also reflected policies recommended by the Executive Board in the context of Article IV consultations. The authorities’ concerted efforts at expenditure restraint, in particular the scaling back the level of public funding for major construction projects

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.
International Monetary Fund. Asia and Pacific Dept

On behalf of our Samoan authorities, we welcome staff’s 2017 Article IV Consultation reports and thank the mission team for their productive engagement and sound policy advice. Our authorities agree in general with the staff assessment of the Samoan economy, risks facing the country and the policy package needed to sustain growth and build resilience against potential financial stability risks and natural disasters. In the longer term, our authorities recognize the need to undertake deeper reforms to reinforce resilience and secure Samoa’s growth path. As

International Monetary Fund. Asia and Pacific Dept
This paper discusses Samoa’s Request for Disbursement Under the Rapid Credit Facility. Samoa has shown resilience to multiple past economic shocks, underpinned by the authorities’ strong commitment to support the economy, and financial assistance provided by the international community. The global coronavirus disease 2019 pandemic has exacerbated the impact of the measles outbreak of late-2019 on Samoa’s economy. The border closure, combined with a sudden stop of tourist arrivals and decline in remittances, has led to a precipitous fall in two vital sources of foreign earnings and resulted in an urgent balance of payments need. Beyond the immediate response, the authorities will continue to implement structural reforms, with policies appropriately balanced between safeguarding debt sustainability and promoting economic growth. They also need to continue their efforts to enhance spending efficiency, strengthen social protection programs and safety nets, further improve tax administration, strengthen public financial management, and safeguard financial stability. Addressing vulnerability to climate change remains a key medium-term challenge to create a fiscal buffer.
International Monetary Fund. Asia and Pacific Dept

further and to provide temporary financial support to households and small business. The authorities acknowledged the additional financial support of SAT$40.8 million from the World Bank, ADB and donors (New Zealand, Australia and Japan). The Samoan authorities are committed to continue to work in close collaboration with their development partners to secure the health and social welfare of Samoans. Fund Support The authorities believe that Fund assistance to help fill the urgent BOP financing needs through disbursements under the RCF will help maintain