16 Apr 2010

ADB loan to ensure rebuilding of Samoa economy

11:06 am on 16 April 2010

The Governor of Samoa's Reserve Bank, Leasi Papali'i Scanlan, says a new loan assistance programme from the Asian Development Bank will provide substantial relief for the country's fiscal position.

The ADB loan package of up to 27 million US dollars is aimed at helping the nation revive its economy following the global financial crisis and last year's tsunami.

The natural disaster six months ago brought losses which are put at 17% of annual gross domestic product.

Leasi says the ADB package is matching efforts of the World Bank and other large partners in Samoa.

"We can't say enough about how the assistance has helped us , not only international organisations but also bilateral partners and China and Japan and all the other countries have helped. So it's helping maintaining a level of reserves that we now have which should make sure that the imports for rehabilitation and reconstruction is not unnecessarily slowed down."

Leasi Papali'i Scanlan.