(2012-07) Haiti Fourth ECF Review
Summary — This report summarizes the IMF's fourth review of Haiti's economic performance under the Extended Credit Facility (ECF). The review, completed in July 2012, highlights progress in macroeconomic stability and structural reforms, while noting challenges related to political transitions and capacity constraints. The IMF approved a disbursement of US$7.4 million following the review.
Key Findings
- Economic activity recovering but slower than anticipated.
- Inflation decelerated to 5.2% in May 2012.
- Fiscal outcome better than programmed due to strong revenue mobilization.
- External position broadly in line with expectations, reserves increased.
- Growth target revised down to 4.5% for 2012, inflation target adjusted to 6%.
Full Description
The IMF's Executive Board completed the fourth review of Haiti's economic program under the Extended Credit Facility (ECF) in July 2012. The review acknowledges Haiti's progress in maintaining macroeconomic stability, with declining inflation and sound banking sector indicators. It also notes improvements in tax revenue performance due to ongoing administrative reforms. However, the report points out that economic activity has been slower than anticipated due to political instability and under-execution of public investment. The IMF approved a disbursement of US$7.4 million, emphasizing the need for continued structural reforms, improved public expenditure management, and private sector development to achieve sustained growth and poverty reduction.
Notes
IMF Country Report (12-220)