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March 7, 2008

Adams confident about Samoa

by Richard Kilner

Story link: Adams confident about Samoa

James Adams, the World Bank’s East Asia and Pacific Region Vice President, has expressed his own optimism about Samoa’s economic situation.

The Samoan government is effectively tackling the challenges it faces, and the economic performance will remain solid, Adams stated during a visit to the nation.

Raising the issue of the current global financial turbulence that has followed the US subprime mortgage crisis, the vice president said that he believes island states such as Samoa have a degree of protection due to their regional interdependence.

To support the Samoan economy, Adams added that he hoped the International Finance Corporation, the private banking arm of the World Bank, could be used to assist.

He went on to praise the strong programme of government reform.

Every year the World Bank contributes approximately SAT$5 million tala to Samoa.

Despite Adams’ optimism, the country’s economy continues downwards, with a rising trade deficit.

 

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