2019 Article IV Consultation-Press release; Staff Report; Staff Statement; and Statement by the Executive Director for Samoa


2019 Article IV Consultation-Press release; Staff Report; Staff Statement; and Statement by the Executive Director for Samoa

Fund Relations

(As of February 28, 2019)

Membership Status

Joined: December 28, 1971; Article VIII

General Resources Account

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SDR Department

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Outstanding Purchases and Loans

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Latest Financial Arrangements

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Overdue Obligations and Projected Payments to Fund1

(SDR million; based on existing use of resources and present holding of SDRs):

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When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

Exchange Rate Arrangement

The exchange rate of the tala is pegged to a trade and payments weighted basket of currencies. The pegged rate can be adjusted within a ±2 percent band. The basket is a composite of the currencies of Samoa’s most important trading partners and countries that are major sources of tourism revenue from abroad––New Zealand, Australia, the United States, and Euro countries. Samoa has accepted the obligations of Article VIII, Sections 2,3, and 4 and maintains an exchange system free of restrictions on the making and payments for current international transactions and multiple currency practices.

Article IV Consultations

Samoa is on a 12-month consultation cycle. The previous Article IV consultation discussions were held during February 21-March 5, 2018. The consultation was concluded by the Executive Board on May 7, 2018 (IMF Country Report No. 18/145).

Safeguards Assessments

An update safeguards assessment of the Central Bank of Samoa (CBS) was completed in June 2014. The assessment found some safeguards elements in place, but concerns over CBS autonomy and governance, audit quality, and staff capacity need to be addressed. The CBS has taken steps to address these, including improving its governance and autonomy through enactment of a new central bank law in 2015. In addition, the financial statements (FS) and the management letter are made available timely within three months of the FY year-end and the FS are also published. However, the CBS should take further steps to enhance oversight of audit functions.


Samoa’s AML/CFT regime was assessed in 2015 by the Asia Pacific Group on Money Laundering (APG) under the revised 2012 FATF standard. In the mutual evaluation report (MER), the APG found significant shortcomings in Samoa’s AML/CFT regime, rating it low or moderately effective in 10 out of the 11 immediate outcomes on effectiveness, and non-compliant or partially compliant in 23 of the 40 technical recommendations. Following the APG assessment, the authorities developed the 2016–2020 national AML/CFT strategy and are making progress towards its implementation. Further amendments to the Money Laundering Prevention Act were passed in 2018. In the 2018 follow-up report, the APG re-rated Samoa from partially to largely compliant for three of the 40 FATF technical recommendations. Owing to overall progress in addressing technical compliance deficiencies, Samoa was moved from (expedited) enhanced follow-up to enhanced follow-up monitoring. APG will conduct its five-year follow-up on-site assessment in 2020 to review the progress made on the priority actions in the MER and other areas where Samoa had significant deficiencies.

Technical Assistance

The Pacific Financial Technical Assistance Centre (PFTAC) has provided assistance on budgetary management, tax administration, and financial sector supervision (see table). From Headquarters: MCM has provided assistance on monetary policy operations, banking, and insurance supervision and other central banking issues; STA has provided help with government finance statistics and balance of payments statistics; FAD with tax administration; LEG with the central bank law. Samoa is an IMF pilot on Correspondent Banking Relationships (CBR), on which it has received technical assistance from LEG and MCM in 2017 and follow-up assistance from LEG during the 2019 Article IV mission. APD also organized, together with the Asian Development Bank (ADB), high level roundtables in Sydney on February 5 and Auckland on February 7–8, 2018 to identify practical solutions to address the costs and risks of transferring remittances to Pacific countries and difficulties in undertaking cross-border transactions. The events were financially supported by the governments of Australia and New Zealand.

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Resident Representative

The Regional Resident Representative Office for Pacific Island countries based in Suva, Fiji was opened on September 13, 2010 and the office covers Fiji, Kiribati, Marshall Islands, Micronesia, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. Ms. Leni Hunter is the current Resident Representative.

Relations with Other International Financial Institutions

Information on the activities of other IFIs in Samoa can be found at:

Statistical Issues

(As of March 2019)

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Samoa – Table of Common Indicators Required for Surveillance

(As of March 2019)

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Data obtained directly from the Central Bank of Samoa.

Officially-determined rates (yields on central bank securities) and commercial banks’ deposit and lending rates.

Domestic and external financing. Samoa produces quarterly data for the budgetary central government only and produces annual data for the central government.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).

Samoa does not provide International Investment Position data due to capacity constraints.