MANILA, Nov. 16 (Xinhua) -- The Asian Development Bank (ADB) said Wednesday it has approved a 7.5 million U.S. dollars policy-based grant to help the Samoan economy rebound from the COVID-19 pandemic.

"This first phase of the program will help the government of Samoa transition from crisis response to inclusive fiscal and private sector recovery," ADB Public Sector Economist and Program Team Leader James Webb said.

He added the program comprises two subprograms that will improve fiscal management and sustainability, promote inclusive private sector recovery, and strengthen financial sector development and inclusion.

The ADB said fiscal management improvements will help guide reform priorities and development partner support, including the publication of the Public Expenditure and Financial Accountability Assessment of Climate Responsive Public Financial Management for Samoa.

"The world's first assessment of this kind will serve as a valuable template for the integration of climate change into public financial management in other nations affected by climate change," it added.

Activities to improve private sector recovery under the program include promoting measures to accelerate growth, such as improving working conditions to help workers to return to jobs.

The ADB said the development of the finance sector will be critical to economic recovery and long-term growth, as well as supporting the continued flow of remittances.

The ADB added the grant is financed by the Asian Development Fund, which provides grants to ADB's poorest and most vulnerable developing member countries.

The ADB-supported program builds on previous ADB policy-based operations and public sector management work in Samoa while supporting the goal of strengthening governance and institutional capacity. Enditem

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