Samoan Prime Minister Tuilaepa Lupesoliai Sailele Malielegaoi told parliament yesterday that Samoa is financially secure, and there was nothing to worry about because there are funds put aside for rainy days.
In a Ministerial statement in the 15th parliaments’ final session before the March general elections, Tuilaepa “clarified and corrected the Oppositions Party’s accusations that Government loans from international banks have reached a billion dollars.”
The Opposition has also claimed during their weekly press conferences, that Samoa’s economy has dwindled due to Governments negligence.
Tautua believes that should the Human Rights Protection Party (HRPP) returns to Government after March’s election, Samoa’s economy will continue to decline, loans will rise and the country will suffer.
Tuilaepa however, explained in his ministerial statement, that for every nation to survive and strive, they need to loan from somewhere.
“Every Government loans to develop their country, and Samoa is no exception,” said Tuilaepa.
He said Samoa’s international loans total somewhere around $122 million (US$45.7 million, and that is deducted from the Governments budget of $500 million tala (US$187 million).
“No international bank loans money to a Government with a bad financial record, and because of Samoa’s good financial standing, banks are willing to loan to us,” said Tuilaepa.
He said there is enough money for the Government to finance any plans for the country’s development, and he is puzzled at how ignorant the opposition is, especially after reading the financial statement’s breakdown.
He accused the opposition of misleading the country.
He also clarified the reasons behind the establishment of the Government’s Emergency Budget that the Opposition said should be used to help the vendors who lost everything at the Flea Market fire a week ago.
“This fund was established after the 2 cyclones in the 1990’s, to cater for urgent redevelopment after any natural disaster,” said Tuilaepa.
He said there are only 3 categories allocated for the emergency funds which include:
• Rebuilding after a natural disaster such as cyclone, tsunami or flooding;
• Urgent development that will generate the country’s economy;
• Continued funding of urgent development;
Tuilaepa said emergency fund has a specific focus, which is, development after any natural disaster. The Emergency Fund currently stands at $53 million (US$20 million).
“There is also a $189 million (US$70.8 million) contribution from our partners and donor countries added to the emergency budget,” said Tuilaepa.