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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