{
  "title": "Samoa: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Samoa",
  "publication": "IMF Staff Country Reports, April 28, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/28/samoa-request-for-disbursement-under-the-rapid-credit-facility-press-release-staff-report-49379",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Samoa requested a disbursement under the Rapid Credit Facility in response to an urgent balance of payments need.\n- The global coronavirus disease 2019 pandemic has exacerbated the impact of the measles outbreak of late-2019 on Samoa’s economy.\n- Border closure, sudden stop of tourist arrivals, and decline in remittances produced a precipitous fall in two vital sources of foreign earnings."
    },
    {
      "heading": "Macroeconomic and balance-of-payments implications",
      "content": "- Urgent balance of payments need driven by:\n  - Border closure and sudden stop of tourist arrivals.\n  - Decline in remittances.\n- IMF engagement aims to address immediate financing needs through the Rapid Credit Facility."
    },
    {
      "heading": "Policy findings and priorities",
      "content": "- Samoa has shown resilience to multiple past economic shocks, underpinned by:\n  - The authorities’ strong commitment to support the economy.\n  - Financial assistance provided by the international community.\n- Beyond the immediate response, authorities will continue to implement structural reforms with policies balanced between:\n  - Safeguarding debt sustainability.\n  - Promoting economic growth."
    },
    {
      "heading": "Policy recommendations and structural reforms",
      "content": "- Continue efforts to enhance spending efficiency.\n- Strengthen social protection programs and safety nets.\n- Further improve tax administration.\n- Strengthen public financial management.\n- Safeguard financial stability.\n- Address vulnerability to climate change as a key medium-term challenge to create a fiscal buffer."
    },
    {
      "heading": "Subject classification and keywords",
      "content": "- Subject: Balance of payments, Balance of payments need, COVID-19, Credit, Financial institutions, Health, Loans, Money, Public debt\n- 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\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: April 28, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513542409.002",
    "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.",
    "Urgent balance of payments need driven by:",
    "IMF engagement aims to address immediate financing needs through the Rapid Credit Facility.",
    "Samoa has shown resilience to multiple past economic shocks, underpinned by:",
    "Beyond the immediate response, authorities will continue to implement structural reforms with policies balanced between:",
    "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: 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",
    "**Executive Summary**"
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