Samoa: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Samoa
IMF Staff Country Reports, April 28, 2020
Source details
- Canonical URL
- Samoa: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Samoa
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Bibliographic details
- Published: April 28, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513542409.002
Overview and context
- Samoa requested a disbursement under the Rapid Credit Facility in response to an urgent balance of payments need.
- The global coronavirus disease 2019 pandemic has exacerbated the impact of the measles outbreak of late-2019 on Samoa’s economy.
- Border closure, sudden stop of tourist arrivals, and decline in remittances produced a precipitous fall in two vital sources of foreign earnings.
Macroeconomic and balance-of-payments implications
- Urgent balance of payments need driven by:
- Border closure and sudden stop of tourist arrivals.
- Decline in remittances.
- IMF engagement aims to address immediate financing needs through the Rapid Credit Facility.
Policy findings and priorities
- Samoa has shown resilience to multiple past economic shocks, underpinned by:
- The authorities’ strong commitment to support the economy.
- Financial assistance provided by the international community.
- Beyond the immediate response, authorities will continue to implement structural reforms with policies balanced between:
- Safeguarding debt sustainability.
- Promoting economic growth.
Policy recommendations and structural reforms
- Continue efforts to enhance spending efficiency.
- Strengthen social protection programs and safety nets.
- Further improve tax administration.
- Strengthen public financial management.
- Safeguard financial stability.
- Address vulnerability to climate change as a key medium-term challenge to create a fiscal buffer.
Subject classification and keywords
- Subject: Balance of payments, Balance of payments need, COVID-19, Credit, Financial institutions, Health, Loans, Money, Public debt
- Keywords: Australia and New Zealand, Balance of payments need, COVID-19, CR, Credit, fund Support, Global, IMF disbursement, IMF financing support, ISCR, Loans, remittance inflow, response package, Samoan authorities
Content in this bundle
- Executive Summary