(2010-01) Haiti Sixth ECF Review

International Monetary Fund • 2010 • 63 pages

Summary — This IMF country report details the sixth review of Haiti's performance under the Extended Credit Facility (ECF). It discusses the impact of the January 2010 earthquake, requests a waiver for a non-observance of a performance criterion, and proposes an augmentation of access to address the balance of payments needs arising from the disaster.

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Key Findings

Haiti's GDP could decline by at least 13 percentage points in FY2010 due to the earthquake.
Inflation is projected to rise significantly, perhaps to about 10-20 percent.
The fiscal balance is projected to deteriorate very substantially.
The external current account deficit could reach almost 20 percent of GDP.
The authorities are requesting a program augmentation of SDR 65.52 million.

Full Description

The IMF report assesses Haiti's economic situation following the devastating January 2010 earthquake, projecting a significant GDP decline and increased inflation. It reviews Haiti's performance under the Extended Credit Facility, noting satisfactory progress but a breach of the non-concessional external debt ceiling. The report supports the authorities' request for a waiver and an augmentation of access to address the balance of payments gap, emphasizing the need for coordinated international assistance and debt sustainability.

Topics

Geography

Time Coverage

2006 — 2010

Keywords

Haiti, IMF, Extended Credit Facility, ECF, earthquake, economic review, debt relief, balance of payments, fiscal policy, monetary policy, structural reforms, economic recovery

Entities

International Monetary Fund, IMF, Dominique Strauss-Kahn, Banque de la République d'Haïti, BRH, Inter-American Development Bank, IDB, World Bank, UN, ECLAC, Agence Française de Développement, AFD, International Finance Corporation, IFC, OFID, KFW, CDB

Notes

IMF Country Report (10-35)