IMF constituency meeting, Spring Meetings, April 2025: Governor's statement
- Sixth consecutive year of negative growth; food insecurity affects nearly half the population.
- Business climate deteriorating, hurting financial institutions' portfolio quality; microfinance affected.
- BRH took measures to ease pressure on debtors in the system.
- Monetary policy faced a trade-off between recession and high inflation; excess liquidity managed rigorously.
- Budget balance reforms loosened constraints on monetary policy and helped keep the exchange rate stable.
- All quantitative criteria of the SMP met.
The Governor said trade tensions and tighter migration conditions deepen existing vulnerabilities and move constituency countries further from their growth and pre-pandemic recovery goals. Haiti recorded a sixth consecutive year of negative growth, and food insecurity affects nearly half the population. The business climate is deteriorating, which hurts the quality of financial institutions' portfolios. The financial sector is among the most affected by the prolonged recession and by emigration of skilled workers, and microfinance institutions, which mainly serve small and medium enterprises, have also suffered. The BRH took measures to ease pressure on debtors in the system.
On monetary policy, he described a difficult trade-off between recession and high inflation, met by rigorous management of excess liquidity to reduce the monetary component of price increases. He said the central government's reforms continue to promote budget balance, which loosened constraints on monetary policy and helped keep the exchange rate stable. Haiti met all quantitative criteria of the Staff-Monitored Program and continues structural reforms for post-conflict reconstruction. He asked for wider access to credit facilities given the size of financing needs and falling development aid, and for closer collaboration among constituency members.
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Bank of the Republic of Haiti (BRH), IMF constituency meeting, Spring Meetings, April 2025: Governor's statement, https://www.brh.ht/publications/discours-du-gouverneur/
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- Banque de la République d'Haïti (BRH)