While critics are worried about the ability of ASG to raise enough revenue to repay investors for the American Samoa Economic Development Authority bonds, Governor Lolo Moliga is hailing bond financing as the key to the territory’s future.
Speaking to directors yesterday, the governor said the creation of ASEDA has enabled the government to lift the level of services and projects that benefit the people to a higher level.
Some of the projects which are being financed with the ASEDA bonds are the Territorial Bank of American Samoa, construction of a brand new vessel for Manu’a, renewable energy projects to lessen dependence on imported fuel, and new equipment for the LBJ hospital to name a few.
Governor Lolo told directors the last time the government floated bonds was during the Lutali administration.
He says the creation of ASEDA is a new funding source that will make long planned projects and services possible.
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The governor commented that the ASEDA bond sale has forced the government to live within its means .
One of the conditions that was a factor in setting the rating for the ASEDA bonds is that ASG maintain a balanced budget. And he says ASG closed the last fiscal year in the black.
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