22 May 2013

IMF gives Samoa further loan after Cyclone Evan

3:29 pm on 22 May 2013

The International Monetary Fund has approved a further eight million US dollar loan for Samoa, using its Rapid Credit Facility.

The money is to help the government manage the economic impact of Cyclone Evan which struck in December.

The IMF's deputy managing director, Naoyuki Shinohara, says the impact of the cyclone was significant, coming just three years after a devastating tsunami.

He says eonomic growth will be adversely affected for some time.

The agency says the main short term challenge will be to secure sufficient resources for reconstruction with minimal additional borrowing.

Mr Shinohara has suggested planned public expenditure be reprioritised and aid assistance sought from development partners.