By Staff Writer
The local business community is undated on the Government strategy for the national economic recovery based on a 3-phase stimulus package.
The Ministry of Finance (MOF) revealed the strategic plan in a meeting with the Samoa Chamber of Commerce (SCC) at the start of this month, March 2021.
MOF Assistant CEO Vaetoeifaga Abigail Lee Hang, set out the Government’s position towards strategizing the economic recovery for Samoa in a special presentation to members of the SCC.
Vaetoeifaga went over the Government’s Stimulus Package that will be rolled out in 3 Phases over the course of 3 financial years.
Phase I which was announced in April 2020 included policies towards enabling private sector, ensuring purchasing power of the citizens, and providing social sector support.
The Assistant CEO explained that while other economies have opted for a one-time large stimulus payouts, the Government has issued the three phase stimulus packages with the intention to create sufficient ripple effects spanning many months to ensure that the economy continues to turn, if not grow.
Moving forward, Samoa’s key development partners the International Monetary Fund have endorsed Samoa’s recovery strategies within the short term until the Pandemic is lifted.
Some of the key broad areas of this plan include having health preparedness and protection remain a priority, boost human capital and employment creation, and ensure policies are in place to allow for import substitution and secure food suppliers for the country.
The Chamber’s meeting is the first for the year and serves as a forum for all members including non-members in the private sector.
The work of the Chamber Executive Council and Secretariat was updated in the meeting including policy issues raised with government officials and the sharing of any upcoming opportunities for the business community.
During the meeting CEO Lemauga Hobart Va’ai provided members with a policy update focusing on private sector issues raised in the last quarter, which include the challenges around the new Liquor Act.
Lemauga also updated members that the Chamber is working closely with Government stakeholders to strengthen communication channels with Land Transport Authority (LTA) and the Electric Power Corporation (EPC) and improve shipping service between Upolu and Savaii with the Samoa Shipping Corporation.
Lemauga announced that the Chamber will be submitting its budget submission, post election in April 2021, which references the recently completed Business Confidence Survey 2020.
All Chamber submissions to government are evidence-based according to input from the private sector which the Chamber uses to seek support, “not only with our Government but also partners with our Government such as IMF, ADB, World Bank also our regional donors, overseas organization and international stakeholders,” confirms Lemauga.
Given these unprecedented times, the need for private sector support was expressed by several members, as businesses continue to adapt to the impacts of COVID-19.
The Chamber welcomes 52 new members to its membership since the last Members Meeting in February 2020.