(2008-07) Haiti Third PRGF Review

International Monetary Fund • 2008 • 59 pages

Summary — This report summarizes the IMF's third review of Haiti's economic performance under the PRGF arrangement. It requests augmentation of access and waiver of nonobservance of performance criteria due to external shocks. The review also requests additional interim assistance under the Heavily Indebted Poor Countries (HIPC) initiative.

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Key Findings

Program performance was solid in the first half of FY2008 despite external shocks.
Inflation rose sharply due to rising food and fuel prices.
The authorities' revised program balances adjustment and financing.
Staff supports the authorities' response to the shocks.
Program risks have risen due to high food and fuel prices.

Full Description

The IMF's third review of Haiti's PRGF arrangement acknowledges the impact of external shocks, particularly rising commodity prices, on Haiti's economy. The report requests an augmentation of access and waivers for non-observance of performance criteria. It highlights the need for a policy response that balances adjustment and financing to safeguard macroeconomic stability. The review also emphasizes the importance of continued structural reforms, poverty reduction efforts, and debt relief initiatives to support sustainable growth and improve living conditions in Haiti.

Topics

Geography

Time Coverage

2006 — 2008

Keywords

Haiti, IMF, PRGF, Poverty Reduction and Growth Facility, HIPC, Debt Relief, Economic Performance, Inflation, Fiscal Policy, Monetary Policy, Structural Reforms, External Shocks, Food Prices, Fuel Prices

Entities

IMF, Haitian Government, President Préval, Ministry of Economy and Finance, Central Bank of Haiti, World Bank, Caricom

Notes

IMF Country Report (08-223)