The Asian Development Bank (ADB) has agreed to provide $14 million from its Asian Development Fund to support further improvements to public sector financial management in Samoa and strengthen its resilience to exogenous shocks.
This funding builds on previous government efforts to improve public sector financial management and will focus on improving state-owned enterprise performance by reforming corporate governance; improving public financial management systems through strengthening internal audit processes. This tranched financing will support improved public debt management, through a medium-term debt management reform plan. A final focus of the funding is to aid recovery and strengthen resilience to natural disasters in the form of a town plan for Apia incorporating suitable zoning in floodplain areas and disaster risk reduction elements in all new construction.
$14 million from the concessional Asian Development Fund.