(2014-12) Haiti Eighth ECF Review

International Monetary Fund • 2014 • 50 pages

Summary — This IMF Country Report reviews Haiti's performance under the Extended Credit Facility (ECF) arrangement. It assesses macroeconomic stability, structural reforms, and key policy recommendations for sustained growth and poverty reduction, noting both progress and remaining challenges.

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Key Findings

GDP growth was around 3.5-4 percent in FY2014.
Inflation increased to 5.3 percent y/y through September.
The fiscal deficit for FY2014 was lower than anticipated at 6.3 percent of GDP.
Monetary policy was loosened somewhat towards the end of the fiscal year.
Progress on structural reforms was broadly appropriate, but renewed efforts are needed in some areas.

Full Description

This report details the eighth and final review under Haiti's Extended Credit Facility (ECF) arrangement. The program contributed to macroeconomic stability and some progress on structural reforms. Key recommendations include reducing the fiscal deficit, allowing the exchange rate to adjust to market pressures, and progressing on structural reforms in the energy sector and public financial management. Downside risks remain significant, including potential pull-back of Venezuela-related flows and political tensions. The report also discusses a possible new ECF arrangement to entrench macroeconomic stability and promote policies for sustained GDP growth.

Topics

Geography

Time Coverage

2010 — 2015

Keywords

Haiti, IMF, Extended Credit Facility, ECF, macroeconomic stability, structural reforms, fiscal deficit, monetary policy, economic growth, poverty reduction, debt sustainability

Entities

International Monetary Fund, IMF, Executive Board, Venezuela, Central Bank, BRH, Ministry of Finance, EDH, World Bank, IDB, European Union

Notes

IMF Country Report (15-03)