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Western Hemisphere > American Samoa

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Cover IMF Staff Country Reports
Samoa: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Samoa
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.
Keywords:
ISCR; CR; remittance inflow; IMF financing support; fund Support; response package; Samoan authorities; IMF disbursement; Credit; COVID-19; Balance of payments need; Loans; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Samoa: 2018 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Samoa
International Monetary Fund. Asia and Pacific Dept
This 2018 Article IV Consultation highlights that Samoa’s economy has shown resilience and continues to perform well. Growth remained robust at 2.5 percent in 2016/17, driven by commerce, services and agriculture. Inflation picked up to 1.3 percent in 2016/17, compared with close to zero in the previous year, but remains well below the authorities’ target of 3 percent. The current account deficit narrowed to 2.3 percent, driven by temporary factors. The Samoan Tala appreciated against the United States dollar during 2016/17, although there was little change in the nominal and real effective exchange rates. Growth is projected to moderate to 1.8 percent in 2017/18 and then rebound in 2018/19, as two new businesses scale up operations at the old Yazaki plant and several infrastructure projects are completed.
Keywords:
ISCR; CR; capital account surplus; Samoa; staff appraisal; import growth; quarter; monetary policy transmission mechanism; Samoan authorities; Natural disasters; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Global; Pacific Islands; Asia and Pacific; Caribbean
Cover IMF Staff Country Reports
Samoa: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Samoa
International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights Samoa’s continued good economic performance. Economic activity picked up during 2015/16 driven by tourism arrivals, lower fuel prices, and new fish processing facilities, further boosted by two major sporting events and infrastructure projects. Although the pace will moderate in 2017/18 and in 2018/19 with the closure of a large manufacturing plant, growth is expected to remain buoyant. The outlook is moderately positive though subject to downside risks related to Samoa’s vulnerability to natural disasters, elevated contingent liabilities, and withdrawal of correspondent banking relationships. Given Samoa’s reliance on workers’ remittances, the closure of bank accounts of money transfer operators heightens the risk of a disruption to remittance payments.
Keywords:
ISCR; CR; right; Samoa; authority; GDP; central bank; accommodative monetary policy stance; fiscal policy stance; U.S. dollar; private sector activity; Samoa aviation investment Project; Natural disasters; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Pacific Islands; Asia and Pacific; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Samoa: Request for Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Samoa
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.
Keywords:
ISCR; CR; financing gap; Samoa; financing; cost; ESF disbursement; executive board discussion; reconstruction needs; spending need; Natural disasters; Tourism; Infrastructure; Government debt management; Imports; Global
Cover IMF Staff Country Reports
Samoa: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper on Samoa reviews limitations to the existing framework of monetary policy, and suggests ways to improve its effectiveness. It examines current instruments at the disposal of the central bank to conduct monetary policy, before showing why monetary policy execution can be sometimes difficult. It also shows that such problems are not uncommon in economies with shallow financial markets. The paper also takes stock of developments since the early 1990s, and asks what major impediments to sustained private development remain.
Keywords:
ISCR; CR; interest rate; Samoa; cost; credit; financing cost; return; reform priority; credit information; guide market expectation; CBS securities; monetary policy execution; community service obligation cost; liquidity forecasting framework; RBV note; liquidity condition; Interbank markets; Securities; Foreign direct investment; Securities markets; Money markets; Pacific Islands; Australia and New Zealand
Cover IMF Staff Country Reports
Samoa: Staff Report of the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation for Samoa reports that the combination of sound economic management and structural reform had led to robust growth, low inflation, sound public finances, and a comfortable external position. With continued commitment to sound macroeconomic and reform policies, Samoa became one of the best managed economies in the Pacific Island region. The level of public debt has steadily declined from more than 90 percent to about 50 percent. Samoa also made progress toward the Millennium Development Goals.
Keywords:
ISCR; CR; deficit; authority; deficit target; cost; budget; loss-making Polynesian Airlines; minority interest; restructuring cost; debt outlook; Budget planning and preparation; Wage adjustments; Exports; Remittances; Imports; Pacific Islands
Cover IMF Staff Country Reports
Samoa: Staff Report for the 2003 Article IV Consultation
International Monetary Fund
This 2003 Article IV Consultation highlights that Samoa’s GDP growth slowed to 1.9 percent in 2001/02. This slowdown reflected mainly a steep decline in agriculture and a sharp contraction in construction activity. Although underlying inflation has remained low, headline inflation accelerated in this period, rising from 1.1 percent in 2000/01 to 9.8 percent in 2001/02 as a result of food supply shortages. Supervision in the financial sector has been enhanced by bringing all nonbank institutions under the supervisory regime of the central bank, and guidelines governing the supervision of these institutions are currently being developed.
Keywords:
ISCR; CR; government; budget; budget framework; item; budget target; development expenditure; staff appraisal; announced budget; Budget planning and preparation; Public sector; Commercial banks; Public enterprises; Imports; Pacific Islands; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Samoa: Statistical Appendix
International Monetary Fund
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.
Keywords:
ISCR; CR; Samoa; commercial bank; central bank; deposit; financial institution; life assurance corporation; project development corporation; development corporation; shipping corporation; tertiary sector; primary sector; land corporation; government deposit; Commercial banks; Business enterprises; Foreign assets; Public enterprises; Europe; Asia and Pacific; Middle East; Africa
Cover IMF Staff Country Reports
Samoa: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Western Samoa during 1990–94. Economic growth resumed in 1993, led by a strong recovery in agriculture during the first half of the year and a rebound in tourism. With the recovery in domestic food production, the rate of inflation declined in 1993. However, although infrastructure repairs were largely completed, financial policies remained relaxed: the budget deficit widened further to 22 percent of GDP in the 1992/93 fiscal year, and credit to the private sector continued to expand rapidly.
Keywords:
ISCR; CR; broad money; export; Samoa; lending; enterprise; time deposit; travel receipts; tuna resource; export proceeds; Western Samoa's export; taro export; monetary policy; net bank lending; export processing activity; primary sector; Commercial banks; Exports; Natural disasters; Imports; Australia and New Zealand