Samoa GDP grows nearly 5%, says PM

APIA: Samoan Prime Minister Tuilaepa Sailele Malielegaoi has told parliament that Samoa’s economy grew by 4.5% in 2006-2007 with a gross domestic product of almost US$482 million (K1.4 billion).
The prime minister said figures provided by economists from the World Bank, International Monetary Fund (IMF) and Asian Development Bank (ADB) showed the country’s economy had grown.
He said that of US$40 million (K117 million) targeted for development, just over US$4 million (K 11.7 million) was funded by loans and the balance came from aid.
The Samoa Observer quoted the prime minister as saying that stopping aid would lead to a decline in development which in turn would result in a downward spiral for the economy and standard of living.
Tuilaepa said increasing taxes and duties was the only other way to maintain the country’s present standard of living
Meanwhile, the Samoan government had invited proposals from independent power suppliers in a bid to find a cheaper means of providing power to consumers.
Two companies had responded but the minister of works, transport and Infrastructure said their costs are much higher than those offered by the Electric Power Corp. – PNS