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Western Hemisphere > American Samoa

You are looking at 1 - 6 of 6 items for :

  • Type: Journal Issue x
  • Macroeconomics and Monetary Economics x
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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: Selected Issues
International Monetary Fund
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.
Keywords:
ISCR; CR; Samoa; public enterprise; private sector; lending; SOE portfolio; SOE reform strategy; SOE divestiture; SOE law; credit growth; SOE Policy; SOE board; SOE reform; SOE account; privatized state carrier; Public enterprises; Tourism; Civil society organizations; Corporate governance; Natural disasters; Pacific Islands
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