Pacific

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 55
% of GDP (2019): 6.34%
% of Regional Total Package: 2.23%
Package Per Capita in USD: 282.42
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline
01A - Short-term lending info_outline
01B - Support policies for short-term lending info_outline
01C - Forex operations info_outline
02 - Credit creation info_outline
02A - Financial sector lending/funding info_outline

No amount/estimate: March 27, The Central Bank of Samoa (CBS) stands ready to assist commercial banks through its selected standby concessional facilities to ensure that private sector activities remain robust and enduring in these unique times. CBS also met with four commercial banks on 18 March 2020 and discussed the banking system’s role in the uncertain times ahead. Various relief packages have been considered and will be available for customers on a case by case basis depending on the hardship and impact relating to COVID-19 [update].

02B - Support policies for long-term lending info_outline

No amount/estimate: April, The CBS continues to maintain an accommodative monetary policy. The CBS will encourage commercial banks to reduce interest rates, and/or associated bank fees and charges.

02C - Loan guarantees
03 - Direct long-term lending info_outline
03A - Long-term lending info_outline
03B - Forbearance

No amount/estimate: April, The proposed fiscal and economic response package includes provision of a 3-month grace period to be applied for all loan payments.

04 - Equity support info_outline
05 - Government support to income/revenue WST149,300,000 USD55,390,300

(i) April, The government has put together the first phase of the fiscal and economic response package, amounting to WST66.3 million (3% of gross domestic product [GDP]). April 7, The package approved by parliament is centered around the mission of "Support the private sector so they can feed the nation." (ii) May 26, The Samoan government unveiled Tuesday its second stimulus package of WST83 million (about USD29.88 million) to help the country's private sector battle against COVID-19. The measures tabled to the parliament include an extension of utility subsidies, retraining programs for unemployed workers, increases in monthly pensions, one-off cash payments to citizens, assistance to exporters, and support for nongovernment organizations.

05A - Health

No amount/estimate: April, The package includes expenditure to cover immediate medical response (See Measure 5: Government support to income/revenue). The government has been stepping up its efforts to increase the level of preparedness and prevention. Temporary quarantine facilities have been established in key areas.

05B - Non-health

No amount/estimate: April: (i) Support for the private sector includes (a) a temporary exemption on import duties on most commonly bought food items for households, (b) duty concessions to be applied to an expanded list of agricultural and fishing materials, and (c) a 6-month moratorium on pension contributions for the hospitality sector (See Measure 5: Government support to income/revenue); (ii) Support for citizens includes (a) establishment of the Emergency Price Control Board to keep wholesale and retail prices in check and bring them down, if necessary; (b) provision of financial assistance to members of the National Provident Fund in the form of a refund of their loan payments for March 2020; (c) and a temporary reduction of utility bills (both electricity and water) for 6 months through September 2020 (See Measure 5: Government support to income/revenue); (iii) To compensate part of the losses in interest income from the 3-month grace period applied to laon payments, local commercial banks will receive payments from the government.

06 - Budget reallocation info_outline
07 - Central bank financing government
07A - Direct lending & reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received WST110,619,946 USD41,040,000
08A - Swaps info_outline
08B - International loans/grants WST110,619,946 USD41,040,000
08B1 - Asian Development Bank WST10,727,763 USD3,980,000

(i) April, USD0.71 million - TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases; (ii) April 15, USD2.9 million - REG: Pacific Disaster Resilience Program (Phase 2) under ADF; (iii) April 15, USD0.02 million TASF - REG: Strengthening Social Protection in the Pacific; (iv) April 24, USD0.13 million TASF - REG: Developing the Pacific Health Sector (Additional Financing); (v) June 5, USD0.14 million TASF - REG: Pacific Economic Management, Phase 3 (Additional Financing) [update]; (vi) As of June 8, USD0.08 million (Regular OCR) - Trade Finance Program (Loan).

08B2 - Other WST99,892,183 USD37,060,000

(i) March 26, The World Bank, through an IDA grant, has delivered USD5.1 million in immediate funding to support Samoa’s response to the global COVID-19 (coronavirus) pandemic. The funds will support Samoa’s efforts to prepare and manage its response to COVID-19; (ii) April 24, The World Bank has approved funding of USD3.4 million (USD2.9 of which is a grant) to further support Samoa’s efforts to combat the COVID-19 (coronavirus) pandemic; (iii) April, 24, The IMF approved the disbursement of USD22.03 million in emergency financing under the Rapid Credit Facility to help Samoa address urgent balance of payments needs created by COVID-19; (iv) May 8, The Australian Government has committed WST18.4 million (AUD10.5 million or USD6.53 million) in response to the economic and health shocks caused by COVID-19, and is working in partnership with the Government of Samoa to deliver this support package.

09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants
10 - No breakdown
11 - Other Economic Measures
12 - Non-Economic Measures

(i) January 24, Samoa implemented travel restrictions to protect citizens of the country, among the first countries in the world to do so and has gradually tightened the rules; (ii) March 20, The government declared a State of Emergency and instructed the public to avoid mass gatherings (of five or more people), and unnecessary travel; (iii) March 26, The amended State of Emergency Orders was signed into law, which gives police officers the legal authority to enforce the Emergency Orders to the full extent of the law; April: (iv) The government is taking full precautions and preventive measures to control the transmission of COVID-19, including preparation of the health system to treat and care for patients; (v) The government issued the amendments of the Emergency Orders on May 13 and May 20, to gradually lift lockdown restrictions. Currently most businesses are under normal operations. Social distancing measures still apply for dining at restaurants, and public and village gatherings are permitted only on limited occasions. Social gatherings in public places remain closed until further notice.