Finance Sector set up a Resilient Macroeconomic Framework

By Lagi Keresoma

APIA, SAMOA – 13 DECEMBER 2022:  The Government has launched a Five Year Finance Sector Plan based on a Resilient Macroeconomic Framework that is transparent and accountable to support a sustainable economy.

The Framework is underpinned by four Sector Plan Outcomes which are:

• Fiscal Resilient & Sustainability,

• Monetary & Financial Stability,

• Competitive & sound relationships with foreign markets amd

• Robust Financial Reporting & Independent Scrutiny.

“This Finance Sector Plan is a tremendous achievement and reflects a progression from past reforms,” said Mulipola Anarosa Molio’o, Minister for Finance in launching the plan last week.

The Minister said the Plan seeks to ensure that public finances and operations of the Government of Samoa and all its related institutions continue to support the Pathway for the Development of Samoa which is set out in the National Development agenda for the next five years.

Mulipola believes this approach will address reforms on sectors and as a key framework that will ensure sectors priorities, resources and challenges are considered in a coordinated and holistic manner without losing sight of Why, When and for Whom the reforms are for.

“The aim is to find workable solutions and improve service delivery in the most effective and efficient way possible to serve the citizens and all users of our services,” said Mulipola.

Members of the finance sector at the launch of the Five Year Finance Sector Plan.

The Finance Sector Advisory Committee consisting of the respective CEOs of the Ministry of Finance, the Central Bank of Samoa, the Samoa Audit Office, the Ministry for Customs and Revenue, and the Samoa Bureau of Statistics will be responsible for providing strategic direction and oversight of the Finance Sector Plan implementation.

Mulipola said like all efforts involving diverse groups and interests in crafting a pragmatic and realistic plan, there will be lessons learnt during its implementation and the Plan will be an evolving document, reviewed annually and mid-term, hence benefitting from those lessons learnt.

The review process provides an opportunity to assess progress and performance, and to effect changes thus ensuring the Plan remains relevant and responsive to current and emerging developmental needs and challenges.