{
  "title": "Samoa: 2015 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Samoa",
  "publication": "IMF Staff Country Reports, July 20, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/samoa-2015-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-43096",
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  "summary": "KEY ISSUES Outlook and risks. Growth is recovering gradually from natural disasters and inflation remains subdued. The current account deficit is expected to narrow on lower international oil prices and a planned fiscal consolidation.",
  "sections": [
    {
      "heading": "Outlook and risks",
      "content": "- Growth is recovering gradually from natural disasters and inflation remains subdued.\n- The current account deficit is expected to narrow on lower international oil prices and a planned fiscal consolidation.\n- Main external risk: occurrence of another natural disaster in the presence of already high public debt and vulnerabilities in financial institutions.\n- Main domestic risks: delay in rebuilding macroeconomic buffers, in particular through fiscal consolidation, reforms of public financial institutions (PFIs) and financial oversight.\n- Reserves are adequate by standard metrics, but a stronger external position with higher reserves would provide greater resilience."
    },
    {
      "heading": "Improving financial resilience",
      "content": "- A recent financial sector assessment program (FSAP) mission identified risks in some commercial banks and public financial institutions (PFIs).\n- Policy directions:\n  - Refocus the role of PFIs to reduce contingent liabilities for public finances and to support development of private financial markets.\n  - Improve regulation and supervision of financial institutions to reduce the risk of an adverse feedback loop from banks and PFIs to the public finances in case of another external shock.\n  - Strengthen financial infrastructure to improve the flow and allocation of credit."
    },
    {
      "heading": "Rebuilding macroeconomic buffers",
      "content": "- The authorities plan a gradual fiscal consolidation to reduce public debt to the target of 50 percent of GDP by 2020.\n- Fiscal consolidation expected to be achieved mainly through:\n  - Improvements in revenue.\n  - Reduction in current expenditure."
    },
    {
      "heading": "Boosting growth",
      "content": "- Authorities’ structural reform initiatives emphasize:\n  - Revitalization of agriculture and food processing.\n  - Tourism.\n  - Creating an enabling environment for business.\n- Reforms to state-owned enterprise (SOE) governance are beginning to bear fruit.\n  - Government is advised to continue planned privatizations and amendments to legislation to reduce the burden of SOEs on the public finances."
    },
    {
      "heading": "Key findings and policy recommendations (summary)",
      "content": "- Continue planned fiscal consolidation to rebuild buffers and meet the 50 percent of GDP public debt target by 2020.\n- Strengthen supervision and regulation of commercial banks and PFIs to limit systemic risks and contingent liabilities.\n- Refocus PFIs toward market development and away from activities that increase fiscal risk.\n- Persist with SOE governance reforms, privatizations, and legal amendments to lower fiscal costs.\n- Bolster external resilience by increasing reserves above current adequate levels where feasible.\n- Advance structural reforms in agriculture, food processing, tourism, and business environment to sustain growth.\n\nSource: Samoa: 2015 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Samoa (July 20, 2015).\n\n---\n\n Content in this bundle\n\n- Cr15191\n  - Cr15191 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr15191 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 20, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513568713.002",
    "Growth is recovering gradually from natural disasters and inflation remains subdued.",
    "The current account deficit is expected to narrow on lower international oil prices and a planned fiscal consolidation.",
    "Main external risk: occurrence of another natural disaster in the presence of already high public debt and vulnerabilities in financial institutions.",
    "Main domestic risks: delay in rebuilding macroeconomic buffers, in particular through fiscal consolidation, reforms of public financial institutions (PFIs) and financial oversight.",
    "Reserves are adequate by standard metrics, but a stronger external position with higher reserves would provide greater resilience.",
    "A recent financial sector assessment program (FSAP) mission identified risks in some commercial banks and public financial institutions (PFIs).",
    "Policy directions:",
    "The authorities plan a gradual fiscal consolidation to reduce public debt to the target of 50 percent of GDP by 2020.",
    "Fiscal consolidation expected to be achieved mainly through:",
    "Authorities’ structural reform initiatives emphasize:",
    "Reforms to state-owned enterprise (SOE) governance are beginning to bear fruit.",
    "Continue planned fiscal consolidation to rebuild buffers and meet the 50 percent of GDP public debt target by 2020.",
    "Strengthen supervision and regulation of commercial banks and PFIs to limit systemic risks and contingent liabilities.",
    "Refocus PFIs toward market development and away from activities that increase fiscal risk.",
    "Persist with SOE governance reforms, privatizations, and legal amendments to lower fiscal costs.",
    "Bolster external resilience by increasing reserves above current adequate levels where feasible.",
    "Advance structural reforms in agriculture, food processing, tourism, and business environment to sustain growth.",
    "**Cr15191**"
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