The financial health of Samoa

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Dear Editor,

I write in response to your story titled “Economy alarm bells” published in your Sunday Samoan. I have been monitoring the financial health of Samoa since the warning that was given by the I.M.F a year or so ago. Then, we were 60% of G.D.P. I don't know where it’s at now, maybe close to 100% of G.D.P?

I can see if we were a fully developed country that has a big enough economy that can absorb such debt impact. That is not the case, I know that we are highly leveraged to the extent that most of the developments that's been going on are all from borrowed money.

The implications are huge if Samoa is not able to finance its debt, let alone default on the loan, like what happened to Greece.

I reside here in the U.S. but I follow the geo-politics and the macro-economics of our dear country of Samoa.

It's sad to note that the land legislation that has been passed previously is geared towards giving our sovereignty to these financial institutions if their conditions are not met.

Austerity measures soon follow and we will be subject to involuntary servitude to these institutions. The I.M.F and the World Bank will dictate to our government what needs to be done to pay back these loans; like taxing our homes and our lands annually etc.

Samoa has been sold to the highest bidder. We survived the German occupation and the New Zealand Autocratic rule with our custodial land and customs still intact through the Mau movement.

But now, ua matagataga le fa'avae o Samoa i fanua tausamoa ua u'u tasi ele sa'o o aiga ae ua leai se leo po'o se aia tatau a suli o aiga io latou fanua ma ele'ele,talu ai tulafono fa'ale malo ua sui ai le fa'avae. Samoa,ia tou mata ala i tulaga ia.Aua nei se'etia outou ile malu ole tai taeao,tulou.

I don't think we'll be able to withstand the cancerous tentacles of the so called Fractional Banking Institutions of the world called the I.M.F and the World Bank under their fictitious mandate, the United Nations Protocol.

 

Leituala A.

A concerned member from Faleata district


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