World Bank approves US$10 million to support Samoa’s economic recovery.
WASHINGTON, June 1, 2023 – The World Bank’s Board of Executive Directors has approved US$10 million (approximately WST$27.3 million) in grant financing to support Samoa’s efforts in recovering from the impacts of the COVID-19 pandemic and bolster the country’s fiscal, social and climate resilience.
The Samoa First Recovery and Resilience Development Policy Operation is the first in a series of two budget support operations to Samoa. The operation supports key reforms in the areas of National Digital ID and credit information that will enhance access to financial and public services, while also supporting investment promotion reforms that are expected to facilitate private investment and support job creation. It also supports reforms that strengthen the management of public finance and debt, ensuring adequate fiscal space that can be used when natural disasters materialize and to deliver better social services.
In addition, the reform program supported by the operation also includes measures that foster climate and disaster resilience, and improved targeting of social benefits through the National Social Protection Policy Framework, an important step forward for Samoa in protecting/supporting its vulnerable citizens.
“In 2022, Samoa’s economy faced economic contraction for the third consecutive year, following the multiple shocks brought on by the measles outbreak, the COVID-19 pandemic, and the spillovers from Russia’s invasion of Ukraine. However, the outlook is positive now that borders have reopened and remittances continue to flow into the country supporting economic activity,” said Hon Mulipola Anarosa Ale-Molio'o, Samoa's Minister of Finance. “We are committed to supporting all Samoans by accelerating our economy’s growth and recovery; why this support from the World Bank is important to help us boost the resilience of both private and public sectors.”
“This budget support builds on earlier and ongoing financing in efforts to support Samoa’s economic recovery initiatives – medium to long term – as well as its development priorities,” said Stefano Mocci, World Bank Country Manager for Fiji, Kiribati, Nauru, Samoa, Tonga and Tuvalu. “We’re proud to stand shoulder to shoulder with Samoa not only in these recovery efforts but also in strengthening its sustainability and resilience to future shocks.”
This new operation is delivered on grant terms, funded through the International Development Association (IDA) - the World Bank’s fund for the world’s most in need countries.
