Samoa : 2015 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Samoa.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. Asia and Pacific Dept.

Series:

IMF Staff Country Reports; Country Report ; No. 2015/191

IMF Staff Country Reports

Language:

English

Subjects (All):

Banks and banking--State supervision--Samoa.

Economic development--Samoa.

Financial risk management--Samoa.

Fiscal policy--Samoa.

International Monetary Fund--Samoa.

Monetary policy--Samoa.

Structural adjustment (Economic policy)--Samoa.

Local Subjects:

Banks and banking--State supervision--Samoa.

Economic development--Samoa.

Financial risk management--Samoa.

Fiscal policy--Samoa.

International Monetary Fund--Samoa.

Monetary policy--Samoa.

Structural adjustment (Economic policy)--Samoa.

Physical Description:

1 online resource (69 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2015.

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. The main external risk is the occurrence of another natural disaster in the presence of already high public debt and vulnerabilities in financial institutions. The main domestic risks center around a delay in rebuilding macroeconomic buffers, in particular through fiscal consolidation, reforms of public financial institutions and financial oversight. Improving financial resilience. A recent financial sector assessment program (FSAP) mission identified risks in some commercial banks and public financial institutions (PFIs). The role of PFIs needs to be refocused to reduce contingent liabilities for public finances and to support the development of private financial markets. Regulation and supervision of financial institutions needs to be improved to reduce the risk of an adverse feedback loop from banks and PFIs to the public finances in case of another external shock. Rebuilding macroeconomic buffers. A gradual fiscal consolidation is planned to reduce public debt to the target of 50 percent of GDP by 2020, mainly through improvements in revenue and a reduction in current expenditure. While there is no significant evidence of misalignment, and reserves are adequate by standard metrics, a stronger external position with higher reserves would provide greater resilience. Boosting growth. The authorities’ structural reform initiatives emphasize a revitalization of agriculture and food processing, tourism, and an enabling environment for business. Reforms to SOE governance are beginning to bear fruit, but the government should stay the course in planned privatizations and amendments to legislation to reduce the burden of state-owned enterprises (SOEs) on the public finances. Improvements in financial infrastructure will improve the flow and allocation of credit.

Contents:

Cover; CONTENTS; CONTEXT; RECENT DEVELOPMENTS, OUTLOOK AND RISKS; A. Recent Developments; BOXES; 1. Effect of Recent Natural Disasters on Debt; 2. Contribution of Finance to Growth; B. Outlook and Risks; POLICY DISCUSSIONS; A. Improving Financial Resilience; 3. Public Financial Institutions; B. Rebuilding Macroeconomic Buffers; 4. Recent Social Developments and Challenges; 5. External Sector Assessment; C. Boosting Growth; OTHER ISSUES; STAFF APPRAISAL; FIGURES; 1. The economy is recovering with moderate inflation; 2. The current account is widening but reserves remain adequate

3. Fiscal cost of reconstruction added to the public debt4. Commercial bank credit growth is sluggish and PFIs have a growing role; 5. Financial access is high relative to peers, but significant impediments remain; TABLES; 1. Selected Economic and Financial Indicators, 2011/12-2019/20; 2. Illustrative Medium-Term Baseline Scenario, 2011/12-2019/20; 3. Balance of Payments, 2011/12-2019/20; 4. Financial Operations of the Central Government, 2011/12-2019/20; 5. Monetary Developments, 2010/11-2015/16; 6. Financial Soundness Indicators, 2010-14; 7. Financial Access Indicators, end of 2013

8. Status of Millennium Development GoalsAPPENDICES; I. Risk Assessment Matrix; II. Key FSAP Recommendations; CONTENTS; FUND RELATIONS; RELATIONS WITH THE PACIFIC FINANCIAL TECHNICAL ASSISTANCE CENTRE; RELATIONS WITH THE WORLD BANK; RELATIONS WITH THE ASIAN DEVELOPMENT BANK; STATISTICAL ISSUES

Notes:

Description based upon print version of record.

Description based on print version record.

ISBN:

9781513521763

1513521764

9781513570778

1513570773