The Government’s total outstanding debt dropped by $50.9 million and now stands at $951.3 million at the end of the March 2022 quarter according to the Samoa Bureau of Statistics.

The debt figures were revealed in the latest Government Finance Statistics report for the March 2022 quarter released recently by the S.B.S.

Total Government outstanding debt decreased by 5.1 per cent or $50.9 million in the March 2022 quarter when compared to March 2021.

The report also stated that the total debt outstanding valued at $477.4 (50.2 per cent) is with multilateral institutions, mainly the World Bank and the Asian Development Bank.

While $471.1 million or 49.5 per cent of the total debt is with bilateral partners like the People’s Republic of China (P.R.C.) and Japan (JICA), the remaining 0.3 per cent consist of domestic loans with Samoan financial institutions.

The report also showed that the total revenue collection for the period under review stood at $136.8 million, but dropped by 29.7 per cent and 16.4 per cent when compared to December and March quarter 2021 respectively. 

“Tax revenue amounted to $118.2 million or 86.3 per cent to total revenue for the reviewed period,” reads the report. 

“Other Revenue stood at $18.7 million or 13.7 per cent to total revenue.

“Tax revenue for the quarter under review amounted to $118.2 million, and declined by $20.9 million or 15.1 per cent compared to the March 2021 quarter. 

“Taxes on goods and services and Taxes on income contributed 13 per cent and 2.5 per cent to the overall decline in tax collection respectively.”

Other revenue receipts were $18.7 million and out of this amount $11.6 million or 62.3 per cent were from sales of goods and services while $7.1 million or 37.7 per cent were property income. 

“Other Revenue recorded for the quarter under review went down by $5.9 million or 24 per cent when compared to the March 2021 quarter. 

“It also went down by $3.9 million or 17.1 per cent compared to the December 2021 quarter.”

The Government expenditure for the March 2022 quarter recorded was $171.2 million while operating expenses totalled $164.0 million with $7.2 million for the acquisition of non-financial assets. 

“Total expenditure decreased by $24.9 million or 12.7 percent compared to its corresponding quarter in 2021.

“Aggregated Operating Expenses for the quarter ended March 2022 was $164.0 million, an increase of 7.5 per cent or $11.4 million compared to the same quarter of the previous year.”