MANILA, PHILIPPINES — The Asian Development Bank (ADB) approved a $7.85 million policy-based grant to help the Government of Samoa enhance fiscal management and improve the business environment in the country through Subprogram 2 of the Samoa Strengthening Macroeconomic Resilience Program.
Subprogram 2 builds on reforms implemented under subprogram 1, which laid the foundation for three reform areas: enhanced fiscal management and sustainability, improved and inclusive private sector recovery, and improved finance sector development.
“It is encouraging to see how the Government of Samoa has embraced reforms which will ultimately break down the barriers to private sector development that will allow the private sector to grow and contribute to sustainable economic development,” said ADB’s Pacific Subregional Office Regional Director Aaron Batten.
Approved 25 November 2024, funding for the program comprises a $7.5 million grant for subprogram 1 in 2022 and a $7.85 million policy-based grant for subprogram 2 in 2024.
The program is aligned with the government’s development objective of empowering communities, building resilience and inspiring growth. Enhanced fiscal and private sector recovery following the COVID-19 pandemic are the expected outcomes of the ADB assistance.
Both subprograms contributed to these outcomes by achieving certain policy actions such as embracing measures that will lead to sustainable debt management, strengthen labor protection, attract private investment, support emerging industries, improve financial inclusion, and promote digital financial services.
The program is financed by the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries. The governments of Australia and New Zealand and the World Bank are co-financing the program. The program was designed in coordination with the International Monetary Fund.
ADB was established in 1966, it is owned by 69 members—49 from the Pacific region including Samoa.
