Letter of Intent and Memorandum of Economic and Financial Policies to the IMF, Staff-Monitored Program, 19 December 2023
Summary: Letter of 19 December 2023 from finance minister Michel Patrick Boisvert and BRH governor Ronald Gabriel to IMF Managing Director Kristalina Georgieva, with the attached memorandum of economic and financial policies. It asks for revised December 2023 targets and a six-month extension of the June 2023 staff-monitored program.
Key Findings
- Requests revised quantitative targets for December 2023 and a six-month extension of the staff-monitored program approved in June 2023.
- Tax revenue will fall short of the program's performance criteria as security deteriorates; net international reserves were also below forecast.
- Real GDP contracted by about half a percent in fiscal year 2023, a fifth consecutive year, with growth of 0.7 percent expected in fiscal year 2024.
- The budget recorded a surplus of 0.8 percent of GDP in fiscal year 2023, and monetary financing was 0.9 percent of GDP against 1.4 percent planned.
- Only 20 percent of the Food Shock Window resources had been spent at end-September 2023.
- Inflation eased to 22.8 percent in October 2023 from 46.4 percent in May.
- Four new structural benchmarks, including publication of the governance diagnostic by end-April 2024 and the BRH's audited 2023 accounts by end-June 2024.
How to cite
Ministry of Economy and Finance (MEF); Bank of the Republic of Haiti (BRH), Letter of Intent and Memorandum of Economic and Financial Policies to the IMF, Staff-Monitored Program, 19 December 2023, https://budget.gouv.ht/storage/app/uploads/public/658/47a/12a/65847a12a3f68121740889.pdf
- Rights holder
- Government of Haiti