(2014-04) Haiti Seventh ECF Review

International Monetary Fund • 2014 • 83 pages

Summary — This report summarizes the seventh review of Haiti's economic performance under the Extended Credit Facility (ECF) arrangement. The review highlights progress in macroeconomic stability and structural reforms, while also noting challenges related to fiscal deficits and the electricity sector.

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Key Findings

GDP growth reached 4.3 percent in FY2013.
Headline inflation fell to 4.5 percent.
The overall fiscal deficit widened to 6.7 percent of GDP.
The BRH tightened monetary policy and increased intervention in the foreign exchange market.
Staff supports the completion of the seventh review under the ECF arrangement.

Full Description

The seventh review of Haiti's performance under the ECF arrangement indicates satisfactory progress in macroeconomic stability and structural reforms. Key findings include strengthened growth, decreased headline inflation, and adequate gross international reserves. However, the overall fiscal deficit widened due to increased investment spending and electricity sector subsidies. The review recommends continued prudent monetary policy, fiscal balance stabilization, and structural reforms in public financial management, international reserve management, and the electricity sector. The report also highlights the need for increased domestic revenue mobilization, expenditure containment, and improved governance to support sustainable growth and debt management.

Topics

Geography

Time Coverage

2009 — 2014

Keywords

Haiti, IMF, Extended Credit Facility, ECF, economic review, macroeconomic stability, structural reforms, fiscal policy, monetary policy, debt sustainability

Entities

IMF, Executive Board, Naoyuki Shinohara, Christine Lagarde, Central Bank, BRH, Ministry of Economy and Finance, World Bank, IDB, Venezuela, Petrocaribe

Notes

IMF Country Report (14-105)