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1995 International Monetary Fund May 1995 IMF Staff Country Report No. 95/34 Haiti—Recent Economic Developments This report on recent economic developments in Haiti was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. In releasing this document for public use, confidential material may have been removed at the request of the member. Copies of this report are available to the public from International Monetary Fund • Publication Services 700 19th Street, N.W. • Washington, D.C. 20431 Telephone: (202) 623-7430 • Telefax: (202) 623-7201 Telex (RCA): 248331 IMF UR Internet: publications@imf.org Price: $15.00 a copy International Monetary Fund Washington, D.C. This page intentionally left blank INTERNATIONAL MONETARY FUND HAITI Recent Economic Developments Prepared by a staff mission consisting of Mr. Williams (Head), Mr. Paris-Horvitz, Ms. Sheybani, Mr. Thornton (all WHD) and Mr. Nascimento (PDR) Approved by the Western Hemisphere Department February 27, 1995 Contents Page Basic Data iv-v I. Introduction 1 II. Macroeconomic Trends 2 1. Output and expenditure 2 2. Production by sector 2 3. Price developments 4 4. Employment and wages 4 III. Public Finances 5 1. Introduction 5 2. Overall trends 5 3. Operations of the General Government 5 a. Revenues 6 b. Expenditures 7 4. Operations of the Public Enterprises 7 IV. Financial Intermediation 9 1. Institutional arrangements 10 2. Banking system operations 10 a. The Central Bank 10 b. The commercial banks 11 3. Instruments of monetary policy 11 a. Interest rates - 11 b. Reserve requirements 12 c. Other instruments 12 - ii - Contents Page V. External Sector 13 1. Overall trends 13 2. Current account 13 a. Merchandise trade 14 b. Services 15 c. Transfers 15 3. Capital account 15 4. External public debt 16 5. Exchange and trade system 16 a. Exchange system 16 b. Trade system 17 Text Tables 1. Gross Domestic Expenditure 18 2. National Accounts (1976 prices) 19 3. National Accounts (current prices) 20 4. Savings and Investment 21 5. Origin of Gross Domestic Product 22 6. Agricultural Production 23 7. Generation of Electricity 24 8. Monthly Changes in the Consumer Price Index 9. Consumer Price Index 26 10. Selected Price Indicators 27 11. Changes in Consumer Prices for the Port-au-Prince Metropolitan Area 28 12. Price Movements of Selected Items 13. Minimum Wage Rates 30 14. Summary Operations of the Public Sector 31 15. Financing of the Public Sector Deficit 32 16. Operations of the General Government 33 17. Summary Operations of the Central Government 34 18. Central Government Revenue 35 19. Consolidated Accounts of the Main Public Enterprises 36 20. Accounts of the Electricity Company 37 21. Accounts of the Telecommunications Company 38 22. Accounts of the Port Administration 39 23. Accounts of the Water Supply Company 40 24. Accounts of the Cement Company 41 25. Accounts of the Flour Mill 42 26. Origin, Destination,' and Financing of Bank Credit 43 27. Change in Total Credit Extended by the Banking System 44 28. Sectoral Distribution of Commercial Bank Credit 45 29. Summary Accounts of the Banking System 46 30. Accounts of the Banking System 47 31. Interest Rates After Liberalization 50 32. Reserve Requirements by Category of Deposit and Institution 51 33. Reserve Position of the Commercial Banks 52 25 29 - iii - Contents Page Text Tables (continued) 34. Summary Balance of Payments, 1990-94 53 35. Net International Reserves, 1990-94 54 36. Foreign Trade Selected Economic Indicators, 1990-94 55 37. Composition of Exports (f.o.b.), 1990-94 56 38. Exports of Light Manufactures to the United States 57 39. Principal Commodity Exports, 1990-94 58 40. Composition of Imports (c.i.f.), 1990-94 59 41. Official Grants, 1990-94 60 42. Loan Disbursements, 1990-94 61 43. Stock of External Debt, 1990-94 62 44. External Public Debt Indicators, 1990-94 63 45. Scheduled Debt Service, 1990-94 64 46. Stock of External Arrears, 1990-94 65 - iv - Haiti—Basic Data Social and demographic indicators I/ Area Population (1992) Annual rate of population increase (percent p.a.) (1989-90) Population density (per sq. km. of agricultural land) (1990 Life expectancy at birth (years) (1990) Infant mortality rate (per thousand) (1990) Population par physician (parsons) Population par hospital bed (persons) Population with accass to safa water (percent) Population with accass to electricity (parcant) Per capita caloric intake (par day) (1989) Illiteracy rate (parcant) (1990) Primary school enrollment rate (parcant of school-age groups) (1989) Unemployment rata (parcant) GDP (1994) GDP per capita (1994) Origin of GDP Agriculture Forestry, fishing, and mining Manufacturing Construction Commerce Government Other services Ratios to GDP Exports of goods and services Imports of goods and services Current account of the balance of payments Current balance of Central Government (deficit -) Central Government receipts (excluding grants) Central Government expenditures Public sector savings Public sector deficit (-) before grants Overall public sector deficit (-) after grants External public debt (end of year) Public debt service (in percent of goods and services) Gross national savings Gross domestic investment Money and quasi-money (and of year) Annual changes in selected indicators Real GDP Real GDP (per capita) GDP at current prices Domestic expenditures (at current prices) Investment Consumption GDP deflator Consumer prices (annual,average) Consumer prices (end of period) Central Government total receipts (excluding grants) Central Government total expenditures Liabilities to private sector Money Quasi-money Net domestic assets of the financial system 2/ Credit to public sector (net) 2/ Credit to the private sector 2/ 989-90) ) (1990 i groups) (1989) 27,800 sq. kilometers 6.76 million 1.8 229.0 55.0 93.0 7,136.0 1,323.0 41.0 Not available 2,013.0 47.0 56.0 Not available Gourdes 23,710 1989/90 27.6 5.6 15.7 6.0 17.2 12.1 3.8 14.7 -27.1 -10.2 -1.5 7.3 9.1 -1.1 -6.2 -3.7 28.5 15.9 2.0 12.2 21.6 -0.1 -2.0 19.2 23.0 1.3 26.2 19.3 20.4 21.8 -4.7 4.6 9.3 1.2 20.4 10.7 3.2 1.4 Fiscal Year 1990/91 (la 28.4 5.8 13.3 6.5 17.3 12.3 16.4 11.6 -27.0 -12.9 -0.6 7.6 8.3 —-4.5 -1.8 25.6 11.2 -1.6 11.2 24.5 -3.0 -4.8 14.2 17.3 5.5 18.8 17.8 18.2 6.8 15.5 5.0 12.9 11.4 15.1 7.4 -0.3 2.6 (Beginning Pral. 1991/92 percent) 32.7 7.1 12.3 3.5 12.2 14.7 17.5 6.1 -16.3 -6.9 -2.9 5.5 8.6 -1.9 -2.3 -2.3 44.7 20.2 -3.2 3.7 30.4 -14.8 -16.3 -1.4 -5.8 -67.6 0.8 15.7 17.9 23.8 -26.9 1.3 24.5 21.3 27.0 18.5 10.8 1.8 US$1,752 October 1) Est. 1992/93 32.6 7.2 12.5 3.5 10.7 16.6 16.9 7.6 -23.2 -11.5 -3.7 5.5 9.6 -1.5 -2.5 -2.5 54.7 31.6 -7.7. 3.8 41.2 -2.6 -4.4 15.0 20.6 17.7 20.7 18.1 18.9 26.9 13.5 28.5 35.1 32.1 38.2 21.6 13.6 8.6 million million US$260 Est. 1993/94 35.7 8.0 9.3 2.9 9.0 19.5 15.6 4.0 -12.9 -6.9 -5.1 3.3 8.8 -3.8 -4.2 -4.1 53.4 56.1 -5.2 1.7 46.1 -10.6 -12.1 22.8 15.7 -44.8 17.8 37.4 36.1 52.1 -27.2 13.2 11.8 17.7 7.2 8.1 10.7 1.7 Fiscal Year (Beginning October 1) Merchandise exports (in U.S. dollars) Merchandise imports (in U.S. dollar Nominal effective exchange rate Real effective exchange rate Terms of trade (deterioration -) Public sactor operations Currant balance Central Government (daficit ~) Currant revenue Currant expenditure Currant balance of public enterprises (daficit -) Public sector savings Overall balance before grants (deficit -) Grants-in-aid Overall balance after grants (deficit -) External financing (net) Domestic financing (net) Balance of payments Merchandise exports (f.o.b) Merchandise imports (f.o.b) Services and transfers (net) Current account balance, excluding grants (deficit -) External grants Current account balance, including grants (deficit -) Official capital Banking system Private capital, including errors and omissions Overall balance IMF (net) Change in arrears Change in net international reserves 1989/90 -1.7.6 -4..6 -1.4. -10.4. -8.9. 1990/91 -24 .0 1.4 4.3 2.0 0.2 Frel. 1991/92 (In percent) * -62.6 -52.3 -15.8 -11.2 -8.4 (In millions of -228.7 1,081.7 1,310.3 72.1 -156.5 -921.8 376.0 -545.8 305.5 240.3 104.2 1.287.0 1,391.2 102.6 -1.6 -771.1 470.0 -301.1 181.4 1197.7 -483.1 926.5 -1,409.6 162.8 -320.3 -387.8 —-387.8 46.2 341.6 Est. 1992/93 7.9 24.5 -15.6 -9.0 4.4 gourdes -716.5 1,068.6 -1,785.1 435.2 -281.3 -477.1 — -477.1 124.9 352.2 (In millions of U S dollars) 265.8 -442.6 -43.00 -220.2 1931.9 202.0 -448.6 -41.44 -288.0 164.7 75.6 -214.1 12.1 -126.4 85.0 81.6 -266.6 7.1 -177.9 100.0 Est. 1993/94 -29.7 -47.0 -2.5 11.5 -1.3 -1,213.3 793.8 -2,007.1 319.5 -893.8 -999.6 12.4 -987.2 115.5 871.7 57.4 -141.2 -25.4 -109.2 113.3 Int emat i onal nd of vaar) Gross official reserves Official reserves in weeks of imports External payments arrears IMF data (as of January 31. 199 Article VIII status Exchange rate $/ Quota 4/ Fund holdings of gourdes From Fund resources Credit tranche purchases (including SBA) Structural Adjustment Facility Fund holdings of gourdes (as percent of quota) Arrears with the Fund Special Drawing Rights Department Cumulative SDR allocation Net acquisition or utilization (-) of SDRs Holdings of SDRs Share of profits from gold sales (fine ounces) -883.3 48.72 -23.11 34.06 -28.7 -12.33 3.2 37.4 12..7 1.3 12..5 -123.3 28.5. -16.2. 123.8 12.8. -4.6. 11.8. -20.0 24.7. 4.6 24..3 -41..4 -10.9. -12.6. 60.0. -4.9. -1.3. 17.6. -11.3 37.9. 5.7 41.9 -77..9 -15..3 -30.6. 112.7. -11.1. -11.9. 42.1. -19.1. 50.5. 14.3. 84.0. 4.1 -12..4 -5.5 -22..5 -36..3 -13.4. 36.9 -12..8 37.7 4.9 121.0 G 13.0 per US SDR 44.1 million SDR 44.3 millio SDR 0.3 million SDR 3.5 million 100.5 None SDR 13.7 million SDR -13.7 million US$3.02 million I/ Social indicators of development 1991-92, the World Bank. 2/ In relation to liabilities to the private sector at the beginning of the period. 3/ As at end-December 1994. V Haiti's new proposed quota SDR 60.7 million was not in effect as of end-January 1995 - v - This page intentionally left blank I. Introduction Haiti already had the lowest per capita income in the Western Hemi- sphere, when it suffered a further significant deterioration in economic and social conditions in the three years following the military coup that ousted President Aristide in September 1991. With the imposition of the trade embargoes I/ and the suspension of all but humanitarian external aid, real GDP is estimated to have declined by about 30 percent over 1991-94; infla- tion rose from an average of 18 percent a year during 1991-93 to 52 percent in September 1994; activity in the export-oriented assembly industries (which had accounted for more than three quarters of total export revenues prior to the coup) virtually ceased; the tax collection and expenditure control systems broke down; and maintenance of the economic and social infrastructure was all but abandoned. In the public finances, the current account of the nonfinancial public sector (before grants) shifted from balance in 1991 to a deficit of 3.8 per- cent of GDP in 1994. With the lack of foreign financing, capital investment fell to very low levels over the period and the overall deficit (before grants) declined from 4.5 percent of GDP to 4.2 percent of GDP; the deficit was financed mainly by recourse to central bank credit and the accumulation of arrears. The sharp increase in central bank net credit to the public sector in 1991-94 was financed mainly by a sizable increase in currency issue and, in 1993, by an increase in reserve requirements on demand deposits at commer- cial banks. Generally over this period, commercial banks built up substan- tial net foreign assets, reflecting the strong growth of their deposit base and limited lending to the private sector. With the closing down of about two thirds of the assembly industries and the effect of the trade embargo on coffee shipments, exports declined from US$202 million in 1991 to under US$60 million in 1994; total imports fell from US$449 million to US$141 million over the same period, notwith- standing the expansion of humanitarian aid programs. The external current account deficit (excluding grants) fell from 12.9 percent in 1991 to 6.9 percent of GDP in 1994 and was financed largely by humanitarian aid and by the accumulation of external arrears. i/ An OAS embargo that mainly affected regional trade was imposed in 1991. In May 1994, a UN embargo on shipments of fuel and military equipment (in effect since June 1993) was widened to include all trade except for humanitarian imports. - 2 - II. Macroeconomic Trends 1. Output and expenditure Haiti has experienced a dramatic deterioration in economic and social conditions since the military coup, accentuating the downward trend evident since the mid-1980s. Real GDP is estimated to have declined by 28 percent over the period 1991-94. I/!/ In 1994 alone, GDP declined more than 10 per- cent as the total trade and payments embargo imposed on Haiti in May paralyzed most economic activity (Tables 1, 2, and 3). With a population growth averaging about 1.8 percent a year, real GDP per capita fell at an average annual rate of 5.7 percent between 1991 and 1994, Per capita GDP is estimated at US$260 in 1994, putting Haiti amongst the poorest countries in the world. In 1991-94 consumption and investment were affected adversely by polit- ical unrest and economic sanctions. In 1992 consumption fell by 13 percent in real terms following the first sanctions imposed on Haiti by the OAS; it grew by about 10 percent in real terms in 1993 as the sanctions were eased; and in 1994, with the imposition of the UN sanctions, it fell by 14 percent in real terms to below its 1987 level. Public consumption stagnated in 1990-92 but increased sharply in 1993-94, mainly reflecting the growth of public employment. Investment was affected adversely by the absence of external financing as multilateral and bilateral donors suspended disbursements following the 1991 coup. Total investment fell from 11 percent of GDP in 1991 to about 2 percent of GDP in 1994, resulting in a marked deterioration of the country's economic infrastructure and industrial base. The reduction in investment was accompanied by a sharp decline in national savings, which fell from -1.6 percent of GDP in 1991 to -5.2 percent in 1994 (Table 4). 2. Production bv sector The primary sector contributes about 40 percent of GDP and is dominated by agriculture. The agricultural sector is characterized by small hold- ings, generally under two hectares, accounting for almost 75 percent of the cultivated land. Productivity is low and has declined since the 1980s as a result of insecurity of land tenure, inefficient farming methods, inadequate extension services, insufficient irrigation and the deterioration of the soil properties, and the physical infrastructure. Agricultural output is estimated to have declined by 7 percent during 1991-94 (Table 5). Most of the decline at the beginning'of the period was attributable to weather conditions; after 1992 the decline mainly reflected sharply higher input I/ Refers to fiscal years ending September 30. 2/ During this period the quality of the statistical base deteriorated dramatically. - 3 - prices because of the embargo \J and irrigation problems resulting from a lack of adequate energy supply. Coffee production has declined for most of the last decade, mainly because of the downward trend of coffee prices which induced producers to switch to other more profitable crops for domestic consumption. Despite a recovery of prices in the last three years production remained stagnant in 1992 and declined in 1993-94, reflecting the loss of export markets due to the trade embargo. Sugarcane production fell only slightly in 1991-94 (Table 6) as production was shifted to the domestic market, mainly to distillers for the production of rum. Similarly, the production of tropical fruits was maintained as a result of increased domestic sales. Other agricultural crops such as rice, corn, and sorghum, were affected badly by drought in 1991 and production continued to decline in 1992-94, mainly because of the shortages of fertilizers. £/ In addition, the production of high quality rice was affected adversely by the increase in prices of imported seeds. The value added contributed by the secondary sector fell from about 20 percent of GDP in 1991 to 12.2 percent of GDP in 1994. Many firms were closed as a result of the economic sanctions and employment in the sector fell sharply. In particular, in the assembly industry (mainly textiles and electronics) the number of firms operating fell from about 145 in 1991 to less than 30 in early 1994 and employment fell from 40,000 to about 8,000 over the period. By end-1994 assembly operations for export had virtually ceased. In the rest of the manufacturing sector, some sectors were successful in switching production to domestic markets (mainly food and beverages and some textiles); however, activity in the sector as a whole declined, partly as a result of the closure of the state-owned cement and flour mill corpora- tions. Construction activity fell throughout 1991-94, reflecting low levels of public and private investment over the period. Value added in the service sector declined in line with the rest of the economy; however, there appears to have been some increase in informal activity sustained by smuggling. With tourist activity virtually disap- pearing after 1991, the hotel and restaurant sector contracted. Public utility services suffered from the absence of financing for maintenance and investment and the lack of oil supplies. The operations of the electricity company were particularly badly hit: no significant new equipment had been pur chased, since 1986; spare parts which needed to be imported were unavailable after 1991; and the progressive depletion of oil I/ More than 60 percent of the fertilizers used by farmers are imported. 2/ In Antibonite, one of the main regions for the production of rice, a decline of more than 50 percent in the consumption of fertilizers took place over the period. . 4 supplies resulted in continuous interruptions in electricity generation. The production of electricity from thermic plants (which represented about 65 percent of electricity production in 1991) declined from 290 millions of kwh in 1991 to 27 millions of kwh in 1994 (Table 7) . The decline in thermic plant generation was only partly offset by additional hydroelectric generation. At the beginning of 1994 electricity production at the main hydroelectric plant (in Peligre) was stopped as a result of technical difficulties; by the end of the year electricity was available for only 12 hours a day in Port-au-Prince. The shortage and constant interruption of electricity supply led many households and enterprises to generate their own electricity. 3. Price developments Inflation rose from an average of 18 percent a year in 1991-92 to 27 percent in 1993-94, reaching 52 percent by the end of the period (Tables 8 to 12). The increase in the last two years was associated with the devaluation of the gourde and the scarcity of imported goods as a result of the embargo. The total embargo on oil led to large increases in gasoline prices which were felt throughout the economy; gasoline prices on the black market reached G 225 a gallon in August 1994 compared to an official price of G 16.25 per gallon; after October 1994 (following the return of President Aristide) supply conditions improved and gasoline prices fell sharply. A new petroleum pricing policy, under which prices are adjusted automatically for changes in import costs, was introduced in October 1994. I/ 4. Employment and wages Little information is available on wages and employment. The main source of information was the National Office of Sickness, Accident, and Maternity Insurance (OFATMA) which collects the contributions from enter- prises to cover the insurance expenditures. 2/ However, this institution was closed in 1994 because of a lack of contributions. The information available suggests that a sharp fall in employment took place in 1991-94. As noted, the total number of employees in the assembly industry fell by 32,000 over the period. Public sector employment increased rapidly, particularly after 1992. Over 1991-94 the number of employees increased by about 16 percent in the Central Administration and by about 30 percent in the public enterprises. In early October 1994 the Government dismissed some 1,200 workers who were added to the payroll between May and September. In addition, the state electricity and the water supply companies reduced employment by about 10 percent in October 1994. i/ Over the next three months the pump price of gasoline traded at around G 30 per gallon. 2/ Contribution range from 2 percent to 3 percent of wages; although the law requires that all firms have to be affiliated with OFATMA, only about 2.5 percent of the employed population is covered. - 5 - The minimum wage in Haiti has been unchanged since October 1984 at G 15 per day (Table 13), as such, it has fallen sharply in real terms as a result of the inflation. III. Public Finances. 1991-94 I/ 1. Introduction Haiti's consolidated public sector comprises the General Government and the six major state-owned enterprises. £/ The General Government includes the operations of the Central Administration, capital outlays financed with external concessional assistance, ^J the municipal authorities, and several semi autonomous agencies, the most important of which is the social security agency (ONA). 2. Overall trends Developments in the public administration following the 1991 coup compounded structural weaknesses already inherent to the government finances of Haiti. 4/ In the three-year period through September 1994, tax revenue fell sharply, outlays on capital expenditure and maintenance were reduced to a minimum, and the wage bill increased sharply as a result of additions to public sector employment. 5/ The overall deficit of the nonfinancial public sector (after grants) rose from 1.8 percent of GDP in 1991 to 4.1 percent in 1994 (Table 14). With investment declining sharply, the widening of the deficit reflected a fall in public sector savings from balance in 1991 to a deficit equivalent to 3.8 percent of GDP in 1994. The overall deficit was financed by recourse to bank credit and the accumulation of arrears (Table 15) . 3. Operations of the General Government Haiti does not have a consolidated central government budget. The central government budget comprises domestic revenue and external grants for I/ Refers to the fiscal years ending September 30. 2/ The six major public enterprises comprise: the electricity company (EDH) , the telecommunications company (TELECO) , the port administration (APN), and the water supply company (CAMEP), the cement company (Ciment d'Haiti; closed down in 1993); and the flour mill (Minoterie; closed down in 1992). I/ Development aid is not channelled through the Treasury accounts. 4/ These include the narrow tax base, the pervasive nature of tax exemptions, and the widespread tax evasion. 5J The number of civil servants rose from an estimated 39,000 prior to the coup to about 45,534 by September 1994, including an increase of 1,211 during the administration of Mr. Jonassaint (June-September 1994). - 6 - budgetary support; most public investment outlays are financed from external sources and are not incorporated in the budget. The operations of the General Government integrate the operations of the Central Government with development expenditures financed with foreign assistance (Table 16) . Owin to the absence of foreign financing, the operations of the General Govern- ment reflected primarily those of the Central Administration in 1991-94 (Table 17). The overall balance of the General Government (after grants) moved from a deficit of 1.4 percent of GDP in 1991 to a deficit of 5.3 percent in 1994. while the current account deficit widened from around 0.6 percent of GDP to 5.1 percent. The deterioration was mainly attributable to a 4.3 percentage points reduction in tax collections, reflecting the slowdown in economic activity and the collapse of tax administration. \J General government current expenditure rose from 8.2 percent of GDP in 1991 to 9.2 percent in 1993, despite declines in the level of maintenance expenditure, and then fell to 8.4 percent of GDP in 1994, reflecting the general disarray in public administration rather than a deliberate policy of expenditure restraint. a. Revenues Tax collection fell from 7.6 percent of GDP in 1991 to about 5.5 per- cent a year in 1992-93 and to 3.3 percent in 1994, reflecting the sharp decline in economic activity and the breakdown of tax administration (Table 18) . Internal tax collection declined by about half in relation to GDP during 1991-94. Excise taxes on petroleum products, alcohol, and tobacco (which accounted for about 30 percent of total internal revenue) declined as a result of a significant drop in imports of petroleum products and in industrial production; revenue from other internal taxes also fell sharply. Import duty revenues fell from 1.7 percent to 0.4 percent of GDP, reflecting a lower taxable base and the breakdown in customs administration. Transfers to the Central Government from the public enterprises (which had averaged about 0.3 percent of GDP a year in 1992-93) fell to less than 0.1 percent of GDP in 1994, as the financial performance of the major public enterprises deteriorated. External budgetary support also fell sharply in 1991-94 with only a single grant of US$1 million from the Government of Taiwan recorded in the period. I/ A 1991 U.S. Presidential Executive Order prohibited any direct or indirect payment or transfer of funds by a U.S. national or company to the de facto regime in Haiti. Accordingly, U.S. owned companies, opened escrow accounts in local commercial banks (in the name of the Central Government) in which they deposited their tax obligations. These monies are included in the revenue estimate from 1992. - 7 - b. Expenditures Expenditures fell from 12 percent of GDP in 1991 to 8.8 percent in 1994, mainly reflecting the lack of foreign financing for investment. In 1991-93 current expenditures increased by about 1 percentage point to 9.2 percent of GDP, mainly reflecting the increase in the wage bill. In 1994 expenditures fell back to the 1991-92 levels in terms of GDP, although most of it took place between June and September 1994, when the military authorities installed the Jonassaint Government. A significant part of this expenditure was carried out by means of ministerial discretionary accounts which has not been documented. Wages and salaries, which account for about two thirds of budgetary spending, rose from 5.3 percent of GDP in 1991 to an average of 5.5 percent of GDP in 1992-94. In the absence of any general wage and salary increase, movements in the wage bill reflected mainly an increase in employment. Expenditure on maintenance (excluding outlays effected through discretionary accounts) declined from 2.2 percent of GDP in 1991 to 0.5 percent in 1994, while nonitemized expenditure increased from about 0.4 percent of GDP in 1991 to 1.3 percent of GDP in 1994. As noted, in the absence of foreign financing, capital expenditure fell sharply in 1991-94. 4. Operations of the public enterprises The performances of the major enterprises showed several common charac- teristics in 1991-94. On the revenue side, there was a general failure to adjust prices in the face of changing business conditions and there were collection difficulties (the ratio of collections to billings declining sharply over the period). On the expenditure side, there were capacity constraints, reflecting the lack of public investment in recent years, the wage bill grew sharply, and payments arrears were accumulated. The consolidated overall balance of the enterprises improved from a deficit equivalent to 0.4 percent of GDP in 1991 to a surplus of 1.2 percent of GDP in 1994, reflecting mainly the improved position of TELECO and the low level of investment (Table 19). However, the improvement masked the precarious financial position of the sector resulting from collection arrears and blocked access to funds. I/ As a direct consequence of the reduced liquidity position, public enterprises were financed by central bank credit and the accumulation of payments arrears. The consolidated revenues of the enterprises fell from 6.9 to 4.5 percent of GDP over 1991-94, as a I/ The 1991 U.S. Presidential Executive Order blocked all property and interests in property of the Government of Haiti and its agencies and controlled entities in the United States, including the Central Bank of Haiti. This Order froze the account of TELECO at the Federal Reserve Bank of New York where revenues from the United States (about US$2 million a month) were being deposited. - 8 - result of the closure of the flour mill and the cement company. Expendi- tures fell from 5.9 percent to 3.1 percent of GDP over the period, re- flecting a decline in current and capital spending. The overall deficit of EDH fell by 0.5 percent of GDP to 0.4 percent over 1991-94, reflecting mainly a decline in capital investment; the current account balance was broadly stable at 0.4 percent of GDP (Table 20). The operations of EDH were affected adversely by an increase in illegal connec- tions and difficulties in revenue collections. Between 1992-94, EDH accumulated collection arrears of about G 200 million, including G 70.6 million from the Central Government. Electricity tariffs comprise a basic charge, which has remained fixed for several years, and a surcharge linked to seasonal variations (associated oil import needs) and charges in oil import costs. The average electricity tariff declined sharply in real terms during 1991-94, reflecting a 55 perc'ent increase in the nominal tariff and cumulative inflation of 121 percent. EDH's lab.or force rose by 14 percent over 1991-93, fell somewhat in mid-1994 as workers left in the face of mounting wage arrears, and then declined further as labor was laid off. The enterprise accumulated payment arrears of about G 550 million over the period, including to external creditors and the Central Government. Unable to finance capital spending, faced with technical problems with respect to thermal generation and reduced power supply as a result of the UN oil embargo, the enterprise rationed electricity supply throughout 1991-94. TELECO's overall balance improved by more than 1 percent of GDP to 1.5 percent of GDP in the four-year period ending 1994 (Table 21). International operations are the main source of revenues, in particular calls placed from the United States to Haiti (which generate revenues averaging US$2 million a month) . As noted, the imposition of sanctions in 1991 resulted in the blocking of overseas revenues. Total revenues (on an accrual basis) increased from 1.8 percent of GDP in 1991 to 4.5 percent in 1993, mainly as a result of the depreciation of the gourde; preliminary estimates for 1994 suggest that revenues declined to about 3.3 percent of GDP. I/ Total expenditure rose from 1.2 percent of GDP in 1991 to 2.3 percent in 1993 mainly as the result of additions to the labor force (which grew from 1,478 to 2,300); total expenditure fell to 1.6 percent of GDP in 1994 as the wage bill was reduced through cutbacks in overtime payments (the labor force increased further to 2,357), and maintenance expenditures. Capital expenditure remained low throughout 1991-94 and mainly comprised the replacement of old equipment. Central bank net credit to TELECO increased substantially over 1992-94, reflecting the blocked access to overseas revenues. The overall balance of APN moved from a surplus equivalent to 0.2 per- cent of GDP in 1991 to balance in 1994 (Table 22) . Revenues declined in I/ On a cash basis, TELECO's current financial situation remained delicate as most of the revenue from its international operations remained frozen abroad. - 9 - relation to GDP as a result of the sharply reduced volume of international trade and because nongovernmental agencies, which accounted for an in* creasing share of imports over the period, were exempt from paying port charges. Docking and unloading charges have remained unchanged in terms of U.S. dollars since 1978 but have risen markedly in local currency terms, reflecting the depreciation of the gourde; this has led to pressure from local importers for a reduction in charges. Total expenditures remained broadly stable in relation to GDP, as additions to the labor force (up from 1,249 in 1991 to 1,717 in 1994) were broadly offset by lower maintenance expenditures and the absence of capital investment. CAMEP recorded surpluses equivalent to about 0.1 percent of GDP a year in 1991-94 (Table 23). Revenues increased steadily owing to regular adjust- ments in water tariffs and an increase in the number of consumers. However, revenue collection has been a serious, problem with the ratio of billings to actual payments running at about 50 percent over the period (in particular, the rest of the public sector built up arrears vis-a-vis CAMEP amounting to G 1.9 million). In turn, the Water Authority accumulated payments arrears (notably to EDH) , reduced repairs and maintenance to a minimum, halted capital investment, and borrowed modestly from the Central Bank. The labor force remained relatively stable over the period and capital investment was negligible. In 1992-93, the flour mill (La Minoterie) and cement factory (Le Ciment DrHaiti) were closed because of serious financial and technical difficulties (although wages continued to be paid for some time after closure) (Tables 24 and 25). IV. Financial Intermediation 1. Institutional arrangements The banking system in Haiti comprises the Central Bank (Banque de la Republique d'Haiti, BRH), a state-owned commercial bank (Banque Nationale de Credit, BNC), six locally incorporated commercial banks, and three branches of foreign banks. I/ Banking is highly concentrated in the Port-au-Prince area with 18 out of a total of 29 branches of commercial banks located in or around the capital city. Only the BNC has the majority of its branches in other parts of the country. The BNC was once the largest bank within the commercial banking sector but has lost ground to the private commercial I/ The three foreign banks are: Bank of Boston, Bank of Nova Scotia, and Citibank. A fourth, the Banque Nationale de Paris, was taken over in 1994 by Promobanque, a newly formed locally incorporated bank. The other locally incorporated banks are Banque Populaire Haitienne, Banque de L'Union d'Haiti, Banque Industrielle et Commerciale d'Haiti, Banque Commerciale d'Haiti, and Sogebank. Two additional locally incorporated banks-- Socabanque and Metrobanque--are to begin operations in 1995. - 10 - banks in recent years. In September 1994, it was the*second largest bank in terms of deposits from the private sector (accounting for 18.5 percent of total deposits) and the third most important in terms of credit extended to the private sector (accounting for about 14 percent of total credit extended) . \J Outside of the banking system there are three small development insti- tutions 2/ and two mortgage banks. 3/ The credit operations of the de- velopment institutions are financed largely with external support; loans are mainly to individual entrepreneurs and small businesses and farmers who face difficulties in obtaining credit from the commercial banks. 2. Banking system operations During 1991-93, the rapid growth of banking system liabilities to the private sector facilitated strong credit expansion and an accumulation of net foreign assets of US$27 million. This trend was reversed in 1994 when the growth of credit outpaced the increase in financial resources and the net foreign assets of the banking system fell by US$9.7 million (Tables 26 and 27). The annual rate of growth of broad money increased from 13.4 percent in 1991 to 35.4 percent in 1993, rising sharply in relation to nominal GDP (Table 28). A shift in the composition of broad money toward currency-in. circulation and savings deposits occurred partly as the result of an active policy by the commercial banks to discourage interest-bearing deposits in the face of low credit demand by the private sector. A stronger preference for liquid assets during a period of political uncertainty and instability also may have contributed to the shift in the structure of financial savings. In 1994 the growth of broad money decelerated to 11.8 percent, possibly reflecting the sharp fall in real incomes and interest rates. a. The Central Bank The operations of the monetary authorities in 1991-94 were dominated by a strong expansion of credit to the public sector and an associated loss of I/ Sogebank was the largest commercial bank in terms of deposits and loans outstanding in 1994. 2/ These are the Bureau de Credit Agricole (BCA), the Societe Financiere Haitienne de Developement (SOFHIDES), and the Ponds de Developement Industriel (FDI) . A fourth institution, the Banque Nationale de Developement Agricole et Industriel, was closed in 1988 and has been in the process of liquidation since then. I/ These are the Banque Credit Immobilier (BCI), which started operations at the end of 1986, and Sogebel which is a subsidiary of Sogebank and began operations early in 1989. The mortgage banks are not permitted to accept demand deposits. - 11 - net international reserves. The annual growth rate of currency in circula- tion averaged 26.2 percent over the period compared to an average of 41.4 percent for net domestic assets. I/ The strong expansion of net domestic assets mainly reflected lending to the Central Government and public enterprise sector which was confronted with a sharp reduction in cash revenue. The resulting loss of net official reserves was US$53 million (Table 29). b . The conrcnercial banks In sharp contrast, the growth of commercial bank liabilities exceeded the increase in their net domestic assets throughout 1991-94. During this period, liabilities to the private sector grew at an annual average rate of 19 percent. Nearly 30 percent of this growth was reflected in a buildup of net claims on the Central Bank and nearly 37 percent in increases in net domestic assets. The balance represented a marked strengthening of the net foreign assets position of the commercial banks from US$35.5 million at end-1991 to US$84.3 million at end-1994. The limited expansion of commer- cial banks' net domestic assets mainly reflected weak credit demand from the private sector which declined from 50 percent of liabilities to the private sector at the beginning of the period to 39.9 percent at the end (Tables 29 and 30). To reduce the cost of funds in light of low private sector credit demand, some banks became reluctant to accept higher interest -bear ing time deposits during the period; this encouraged a shift in financial savings by the public toward cash and savings deposits (which bear negative real interest rates). 3 . Instruments of monetary policy a. Interest rates Interest rates in Haiti have been deregulated substantially in recent years. In December 1989 the ceilings imposed by the Central Bank on interest rates that commercial banks could pay on deposits or charge on loans were eliminated; however, maximum interest rates remain constrained by a legal limit of 22 percent. In February 1992 the Central Bank removed the floor on commercial bank deposit rates. Interest rates generally declined following the deregulation (more so in the case of deposit rates) and became substantially negative after 1992 as inflation increased markedly (Table 31). i/ Measured in relation to the stock of liabilities to the private sector at the beginning of the period. - 12 - b. Reserve requirements Commercial banks and mortgage banks are required to hold legal reserves in the form of currency or deposits at the Central Bank; with the exception of a brief period in 1992, required reserves are not remunerated. The reserve requirement is calculated on a daily basis and the comparison between actual and required reserves is carried out on the basis of weekly averages. A penalty rate of 1/10 of 1 percent per day is charged on shortfalls from actual reserves. Different reserve ratios are applied to each of the main categories of deposits (73.5 percent on demand deposits, 46 percent on savings deposits, 20 percent on time deposits, and zero on foreign currency deposits). In addition, reserve ratios differ according to type of financial institution, being substantially higher on the deposits of commercial banks than of the mortgage banks (Table 32). Reserve requirements were changed on several occasions during 1990-94 for monetary control purposes and to assist in the financing of the public sector deficit. The average required reserve ratio rose from 42 percent of total deposits at end-1991 to 44.6 percent at end-1994 (Table 33). During a six-month period from June 15, 1992 the Central Bank imposed a secondary reserve requirement on commercial bank deposits (of 8 percent on demand and 5 percent on savings deposits) which were remunerated at an annual interest rate of 5 percent. Mainly reflecting the adverse impact of remuneration on the Central Bank's financial position, at the end of the period the second- ary and primary reserve requirements were merged and the practice of paying interest ceased. The size of the reserve requirement, and the fact that it is not remunerated, contributes to a substantial spread between commercial bank lending and deposit rates (see Table 31). In spite of the high level of required reserves, the commercial banks built up excess reserves in 1994 equivalent to 5.6 percent of total deposits. c. Other instruments The Central Bank has a rediscount facility and a lending facility for the commercial banks. Neither of these facilities has been used to any considerable extent in recent years partly because bank liquidity has been plentiful and an active inter-bank market exists. In addition, use of the rediscount facility has been limited by a lack of eligible paper to rediscount, and use of the lending facility has been limited by the rela- tively high interest rate charged (usually the legal maximum of 22 percent) and low legal limits (related to bank capital) on the amounts the commercial banks can borrow. Currency issue by the Central Bank is limited by law. In recent years, the ceiling imposed by the law has been raised to meet the financing requirements of the public sector and in response to currency hoarding by the general public. The law was suspended on July 14, 1994 pending a decision by Parliament on whether to revise or abolish it. Central Bank credit to the Central Government is limited by law to 20 percent of the previous year's fiscal revenue and each budget should stipulate a limit for - 13 - the current fiscal year; in practice these requirements have not been adhered to in recent years. V. External Sector 1. Overall trends Haiti's external position deteriorated sharply following the imposition of the economic sanctions by the international community. The overall balance of payments shifted from a surplus of US$13 million in 1991 to deficits averaging US$17 million per year in 1992-94, with these deficits reflecting the decline in net capital inflows after 1991 (Table 34) . While the current account deficit (before grants) in relation to GDP was contained at its 1991 level due to a severe import contraction, the capital account deteriorated substantially as a result of the suspension of all but humani- tarian foreign aid and outflows of private capital. I/ The overall defi- cits were financed by the accumulation of external payments arrears, in- cluding to multilateral creditors. As at end-September 1994, the stock of arrears was US$121 million, of which US$78 million was owed to the Fund, World Bank, and Inter-American Development Bank (IDB) combined; US$40 million was owed to bilateral creditors (mainly the United States, Argentina, and Venezuela); and US$3 million was owed to IFAD and the OPEC Fund combined. By accumulating external arrears in 1991-94, the Central Bank was able to build up official foreign reserves which were used to meet oil import payments; at end-1994, gross official reserves stood at just five weeks of imports (Table 35). In September 1991, the authorities unified the dual exchange system thus allowing the exchange rate to be market determined. Exchange market pressures caused the gourde to lose two thirds of its 1991 value in foreign currency terms during 1992-94, reaching G 15 per U.S. dollar as at end- September 1994. After the return of President Aristide and resumption of foreign aid in October 1994, the exchange rate appreciated to G 12.95 per U.S. dollar at end-December 1994. Throughout the period, the trade regime was highly protectionist with tariff rates up to 57 percent which contrib- uted to and smuggling. 2. Current account On average during 1992-94, the current account deficit (before grants) was contained at 8.2 percent of GDP per year compared to 8.8 percent in 1991. With the terms of trade decline averaging less than 2 percent a year I/ Foreign trade statistics are staff estimates based on the U.S. customs record of trade between the United States and Haiti, the latter's largest trade partner. Reliance on partner country data is due to the fact that the Haitian Customs Administration stopped producing foreign trade statistics in 1990. - 14 - in 1991-94, the narrowing of the trade deficit reflected primarily the re- duction in import volume after 1991 (Table 36) . The deficit on the services account narrowed as the result of the sharp drop in service payments related to imports which more than compensated for the decline in tourist receipts. Substantial remittances from Haitians living abroad also helped to contain the current account deficit. a- Merchandise trade Recorded export receipts fell from US$202 million in 1991 to US$57 million in 1994 mainly as the result of the collapse of the assembly sector (e.g., clothing, electrical machinery, footwear) because of restricted access to the United States market (Tables 37 to 39) . I/ After the sanc- tions were applied in October 1991, exports of light manufactures fell considerably in the following year; sanctions were eased in 1992 which resulted in the partial recovery of the assembly sector in 1993; with the imposition of the total trade embargo in May 1994 assembly sector activity virtually ceased. Agricultural exports fell sharply in 1991-94 mainly reflecting the drop in coffee export receipts (these had accounted for 60 percent of agricul- tural exports and 8 percent of total export earnings in 1991). Coffee export volume dropped by one third over the period to 108,000 tons; as no shipments took place after May 1994 Haiti benefitted little from the recovery of international coffee prices in that year. Export volume of sisal products dropped by an annual average of 25 percent in 1992-94. Mango exports, which had emerged as the second largest agricultural export in 1991, virtually stopped during 1992-94 reflecting the loss of the U.S. market. Sugar exports ceased altogether in 1992 with the closure of the sugar factory. Recorded imports dropped to less than one third of their 1991 level, reaching US$183 million only in 1994 (Table 40) . With the exception of food imports, which rose from US$83 million in 1991 to US$114 million a year in 1992-94, all major categories of imports fell sharply over the period. The increase in food imports reflected humanitarian assistance and that imports of rice, beans, wheat, flour, and cooking oil were exempted from trade sanc- tions . In spite of declining import volume, the petroleum import bill rose by 10 percent per annum in 1992-93; the preferential price for Venezuelan oil under the San Jose Pact was terminated in 1991 (which compelled Haiti to purchase oil on the spot market) and freight and insurance costs increased during the embargo. The petroleum import bill declined sharply in 1994 as import volume dropped by nearly one third due to the blockade of Haitian ports. Intermediate and capital good imports fell from US$71 million in I/ These products enter the U.S. market under special tariff provisions that provide for reduced customs duties. See SM/91/129, page 46. - 15 - 1991 to US$10 million in 1994 mainly because of the cessation of foreign-aid financed projects. Imports of consumer and other manufactured goods fell sharply in the face of the large drop in real incomes. The volume of manufactured imports fell by more than 50 percent in 1991-92, recovered somewhat in 1993, but fell again in 1994 (Table 35). b. Services The deficit on services narrowed from US$112 million in 1991 to average US$65 million a year in 1992-94. The decline resulted from the sharp con- traction of import volume, only partly offset by higher premia for freight and insurance due to the embargo. Interest obligations on public external debt remained close to their 1991 level, averaging US$10 million a year in 1992-94. By 1994 service receipts totalled only one tenth of their 1991 level, reflecting the drop in net travel receipts from US$40 million in 1991 to US$23 million in 1993 and only US$5 million in 1994 (as airlines discontinued their flights to Haiti). The number of stay-over visitors, who generate more than 90 percent of travel receipts, fell from nearly 150,000 in 1991 to 82,000 in 1992 and was negligible over the following two years. c. Transfers Recorded private transfers are mainly remittances from Haitians living abroad; these remittances averaged about US$72 million a year in 1991-93 but fell to US$43 million in 1994 following the decision by the United States to prohibit private cash transfers in excess of US$50 per person. Public transfers fell dramatically over 1991-94 as major donors suspended all foreign aid to Haiti after the coup (Table 41). The United States, which accounted for nearly 60 percent (US$31 million) of total grants received, provided humanitarian assistance under food relief programs for children and other targeted groups in distress, and funds for the protection of the environment, health programs, and governance; I/ the European Union provided US$12 million for regular and emergency food assistance and for medical supplies; and Canada provided US$9 million for food aid and health programs. Humanitarian assistance rose to US$112 million in 1994, reflecting a 50 percent increase in the U.S. aid flows (to US$74 million); this amount included food aid (US$42 million) and health care and prevention assistance (US$15 million). 3. Capital account There was no foreign borrowing by the public sector during 1991-94 (Table 42) . Petroleum imports were settled through cash payments made by the Central Bank. Private outflows, especially through the commercial banks, contributed to the weakening of the capital account during the I/ U.S. AID broadened its definition of humanitarian assistance to include job creation programs, support to democratic institutions and to small private businesses. - 16 - embargo period, notably in 1993 when they reached US$31 million or nearly twice the 1991 level. 4. External public debt Total external debt in relation to GDP rose from 26 percent (US$837 million) to 53 percent of GDP (US$866 million) in 1994; debt-service obligations over the same period rose from 11 percent of exports of goods and services to 56 percent (Tables 42 to 45). I/ The stock of debt re- mained broadly stable in U.S. dollar terms over the period, the increase in relation to GDP mainly reflecting the depreciation of the gourde; the sharp increase in the debt ratio mainly reflected the decline in export receipts and the increase in debt-service obligations to the Fund. At end-September 1994 external arrears amounted to US$121 million (15 percent of total external debt) (Table 46); two thirds of these arrears were accumulated vis- a-vis the Fund, the World Bank, and the Inter-American Development Bank and were cleared in November 1994. The bulk of the external debt outstanding at end-1994 was owed to official creditors and had been contracted on concessional terms; however, US$562 million (70 percent of the total) was owed to official multilateral creditors. The World Bank group is Haiti's largest creditor with total outstanding loan disbursements amounting to US$340 million as of end- September 1994. 5. Exchange and trade system 2/ a. Exchange system The official parity of the Haitian gourde (G) is defined in terms of the SDR. The U.S. dollar is the intervention currency and is generally accepted in Haiti as a means of payment. On September 16, 1991 the Central Bank ceased all operations at the official rate of G 5 per U.S. dollar which had lasted for more than 70 years. A parallel market had emerged and the spread between the official and the free market rate widened substantially from 10 percent in 1987 to 53 percent in 1991. It unified the exchange system at the freely floating rate which at that time was about G 7.50 per U.S. dollar and began using the "Taux de Reference11 (TR) as the official rate of the gourde against the U.S, dollar. The TR is calculated daily as a weighted average of the "Taux du March6 Informel" (TMI) (the free market exchange rate) and the inter-bank rate, with these rates having a weight of 30 percent and 70 percent, respectively. The inter-bank rate is calculated as the midpoint of the buying and selling rates of commercial banks. Between January and September 1994, the spread between the TR and TMI has I/ In 1991 France and the United States canceled US$50 million and US$113 million, respectively, of debt owed to them by Haiti. 2/ For a detailed description of the exchange and trade system, see the 1990 Annual Report on Exchange Arrangements and Exchange Restrictions. - 17 - remained stable and below 2 percent; the spread ranged from a low of 0.1 percent at end-February to a high of 1.15 percent at end-June. Following the exchange system unification, the 40 percent export surrender requirement was retained, but effected at the TR. A surrender requirement was applied to the Transfer Houses such that any balance over US$20,000 accumulated at the end of each week had to be sold in the inter- bank market or to the Central Bank at the TR. b. Trade system The trade system remained largely unchanged during 1992-94. I/ Its main features included high tariff rates (e.g., 57 percent for petroleum products, 50 percent for rice, 40 percent for agricultural products such as sugar) and numerous exemptions (of the 2,000 tariff classifications, 631 were tariff exempt) . In 1994 quantitative restrictions still applied for seven products (rice, maize, sugar, beans, millet, chicken as well as pork parts), although these restrictions were enforced loosely. Customs duties were assessed at an exchange rate of G 6.5 per U.S. dollar, well below the prevailing market exchange rate during 1992-94. - 18 - Table 1: Haiti: Gross Domestic Expenditure Gross domestic expenditure Consumptyi on General Government Other Gross domestic investment Public sector Private sector Balance of trade in ftoods and nonfactor services GDP at market prices Gross domestic expenditure Consumption Gross domestic investment Balance of trade in itoods Exports Imports Gross domestic product Gross domestic expenditure Consumption General government Other Gross domestic investment Public sector Private sector Balance of trade in itoods and nonfactor services Exports Imports 1990 I . Annual Parcel (At current 23.0 26^2 3.6 28.7 1*3 5.1 -1.2 65^1 19^ (At constant 5J> 9^0 -14.1 26.3 35.1 -0.1 II In Percent of GDP at 112.4 100.2 8.1 92.1 12.2 5.1 7.1 -12.4 14.7 -27.1 1991 ntajta Chan&e prices) 1L1 18.8 5.1 20.0 1.5 0.6 9.0 42,2 14^2 prices) H . O O » / -7.9 -10.8 13.5 -3.0 Current Market 115.4 104.2 7.4 96.8 11.2 4.5 6.7 -15.4 11.6 -27.0 1992 dL* 0^8 -7.0 1.4 -67.6 -91.2 -51.7 -34.5 =UL -20.5 ^ISJ) -73.7 -47.7 -44.9 -14.8 Prices 110.3 106.6 7.0 99..6 3.7 0.4 3.3 -10..3 6.1 -16.3 Prel. 1993 20.6 20.7 22.4 20.6 !L2 190.1 -3.3. 75^4 15^0 Ul 10..6 -8.5. 35..9 60.3 -2.6 115.6 111.9 7.5 104.4 3.8 1.0 2.8 -15..6 7.5 -23.2 Prel. 1994 iw 17JB 6.0 18.6 -44.8 -46.0 -44.4 -29.8 22^8 -15.3 -13.9 -56.8 -34.9 -31.8 -10.6 108.9 107.2 6.4 100.8 1.7 0.6 1.1 -8.9 4.0 -12.9 Sources: Haitian Institute of Statistics; Bank of the Republic of Haiti; and Fund staff estimates. Gross domestic product - 19 - Table 2. Haiti: National Accounts Gross domestic expenditure Consumption Balance of trade in goods and nonf actor services Export Import Gross domestic product at market prices 1990 5.994 5.150 844 ZI69 1,300 -2,169 5.125 1991 6.271 5.494 1ZL -1.302 1,159 -2,462 4.969 1992 4.985 4.781 204 ^751 607 -1,357 4.234 Prel. 1993 5.474 5.287 187 -1.351 824 -2,176 4.123 Prel. 1994 4.634 4.553 ii ^947 537 -1,484 3.687 Sources: Haitian Institute of Statistics; Bank of the Republic of Haiti; and Fund staff estimates. (In millions of gourdes at 1976 prices) Gross domestic inv estmemt - 20 - Table 3. Haiti: National Accounts (In millions of gourdes at current prices) Gross domestic expenditure Con sujBPt i on General Government Other Gross domestic investment Public sector Private sector Balance of trade in goods ind nonf actor services Exports Imports Gross domestic product at market prices Net factor payments abroad Gross national product at Net indirect taxes Gross domestic product at factor cost Gross national product at factor cost Depreciation Net national product national income 1990 16.749.5 14.934.5 1,205.0 13.729.5 1.815.0 765.2 1,049.8 -1.842.9 2, 194. -4.036.9 14.906.6 -95.2 14.811.4 -684.3 14.222.3 14.127.1 -282.0 13.845.1 Fiscal 1991 19.654.9 17.740.9 1,266.0 16,474.9 1.914.0 769.5 1,144.5 -2.629.3 1,975.6 -4,604.8 17.025.7 -84.3 -921.8 16.103.9 16.019.6 -270.7 15.748.8 L Year Ending £eptember 30. 1992 18.507.2 17.887.2 1,177.1 16,710.1 620.0 67.5 552.5 -1.721.7 1,018.3 -2,740.0 16.785.5 -65.0 16.720.4 -500.3 16.285.2 16.220.1 -276.1 15.944.0 1993 22.320.1 21.590.1 1,440.3 20,149.8 730.0 195.8 534.2 -3.019.2 1,455.6 -4,474.8 19.300.8 -96.0 19 20A A £2-L£s2£-L^2> -583.0 18.717.8 18.621.8 -281.7 18.340.1 Prel. 1994 25.830.8 25.427.8 1,526.0 23,901.8 403.0 105.8 297.2 -2.120.4 940.4 -3.060.8 23.710.4 -144.4 OO C£C Q *»«J .303.? -341.0 23.369.3 23.224.9 -287.3 22.937.6 Sources: Haitian Institute of Statistics; Bank of the Republic of Haiti; and Fund staff estimates. 16.941.3.market priceses - 21 - Table 4. Haiti: Savings and Investment Fiscal Year Ending September 30 Gross domestic investment Public sector Private sector Gross national savings Public sector Private sector External savings Official transfers Official capital (net) I/ Private capital (net) 2? Changes in net foreign assets (increase -) Gross domestic investment Public sector Private sector Gross national savings Public sector Private sector External savings Public transfers Official capital (net) I/ Private capital 2/ Changes in net foreign assets (increase -) 1990 (In millions of gourdes 1.815 765 1,050 2iZ -157 453 1.518 910 336 75 198 (In percent of GDP at 12^2 6.5 5.7 2.0 -1.0 3.0 10,2 6.1 2.3 0.5 1.3 1991 1992 Prel. 1993 Prel. 1994 at current crices) 1.914 770 1,145 -278 -2 -276 2.192 1,253 217 819 -97 current 1L1 4.6 6.7 -1.6 IT -1.6 IL£ 7.4 1.3 4.8 -0.6 620 68 553 -530 -320 -210 1.150 774 -99 431 45 prices) 3.7 0.4 3.3 -3.2 -1.9 -1.3 i.1 4.6 -0.6 2.6 0.3 720 196 534 -1.481 -281 -1,200 2.211 1,243 -190 102 138 1,8 1.0 2.8 -7 7 -1.5 -6.2 1L1 6.4 -1.0 5.3 0.7 403 106 297 -1.222 -894 -328 1.625 1,686 -185 -417 540 L2 0.6 1.1 -5.2 -3.8 -1.4 LJ. 7.1 -0.8 -1.8 2.3 Sources: Haitian Institute of Statistics; Bank of the Republic of Haiti; and Fund staff estimates. I/ Includes Trust Fund, publicly guaranteed capital, SDR allocation, and other unrequited .earnings. 2/ Includes monetary capital and net errors and omissions. - 22 - Table 5. Baiti: Origin of Gross Domestic Product Fiscal Year Ending September 30 1990 1991 1992 Prel. 1993 Prel. 1994 (In millions of gourdes at 1976 prices) Primary sector Agriculture Forestry, fishing, and mining Secondary sector Manufacturing Construction Services sector Utilities, transportation, and Commerce Restaurants and hotels Financial Institutions Housing Government Other I/ Gross domestic product Primary sector Agriculture Forestry, fishing, and mining Secondary sector Manufacturing Construction Services sector Utilities, transportation, and Commerce Restaurants and hotels Financial institutions Housing Government Other JL/ Primary sector Agriculture Forestry, fishing, and mining Secondary sector Manufacturing Construction Services sector Utilities, transportation, and Commerce Restaurants and hotels Financial institutions Housing Government Other I/ Gross domestic product 1.704.1 1,415.4 288.7 1.116.1 806.2 309.8 2.192.2 communications 168.8 884.0 18.5 7.5 302.2 618.3 305.6 5.125.0 (Annual percentage -2.2 -3.2 3.3 0^5 2.5 -4.2 Iti coomunications 3.0 0.3 -10.2 2.6 3.3 1.6 0.7 -0.1 1.701.6 1,412.6 289.0 983.8 663.2 320.5 2.137.3 155.4 857.4 18.8 6.9 308.1 610.8 326.3 4.969.0 change) -0.2 -0.2 0.1 -11.* -17.7 3.5 Zlzl -7.9 -3.0 1.6 -8.6 2.0 -1.2 6.8 -3.0 (Percentage distribution) 33.3 27.6 5.6 2L£ 15.7 6.0 42,8 communications 3.3 17.2 0.4 0.1 5.9 12.1 6.0 100.0 34.2 28.4 5.8 19.8 13.3 6.5 43.0 3.1 17.3 0.4 0.1 6.2 12.3 6.6 100.0 1.683.3 1,384.3 299.0 668.3 520.8 147.5 1.758.2 133.6 514.5 13.5 6.4 292.7 623.0 299.0 4.234.2 -1.1 -2.0 3.5 ~3M -21.5 -54.0 -17.7 -14.0 -40.0 -28.2 -6.3 -5.0 2.0 -8.4 -14.8 -39^8 32.7 7.1 UJ 12.3 3.5 41L5 3.2 12.2 0.3 0.2 6.9 14.7 7.1 100.0 164Q 3 1,342.8 297.5 658.9 516.6 142.3 1.694.4 123.2 440.4 10.6 6.3 273.7 685.3 283.8 4.122.5 -2.6 -3.0 -0.5 zl^A -0.8 -3.5 ;£*! -7.7 -14.4 -21.7 -1.9 -6.5 10.0 -5.1 -2.6 39.8 32.6 7.2 16.0 12.5 3.5 «L1 3.0 10.7 0.3 0.2 6.6 16.6 6.9 100.0 1.612.2 1,315.9 296.3 451.4 344.7 106.7 1.509.9 77.5 330.3 7.9 4.4 246.3 719.6 237.4 3.687.0 -1.7 -2.0 -0.4 . '31.5 -33.3 -25.0 -10.9 -37.2 -25.0 -25:0 -30.0 -10.0 5.0 -16.4 -10.6 43.7 35.7 8.0 12^2 9.3 2.9 41^0 2.1 9.0 0.2 0.1 6.7 19.5 6.4 100.0 Sources: Haitian Institute of Statistics; Bank of the Republic of Haiti; and Fund staff estimates. I/ Includes import duties. GDP at marked pricesess - 23 - Table 6. Haiti: Agricultural Production I/ (In thousands of metric tons) Fiscal Year Ending S«Dt»mber 30 I Major <omodities for Domestic Consumptiontionn Corn Millet (sorghum) Rice Beans Bananas Meat (beef, pork, and chicken) Coffee Sugarcane Cocoa 1990 196.0 133.2 129.9 94.1 50.9 108.9 II. 37.2 6,007.7 5.1 1991 196.8 129.8 128.3 95.5 50.9 107.6 Exportables 36.9 5,985.3 5.0 Prel. 1992 19.6.0 128..3 125..7 93.8 51.9 100..5 36.7 5,834.3 4.9 Prel. 1993 191.3 124.1 123.9 88.3 51.8 96.8 36.5 5,742.8 4.8 Prel. 1994 Sources: Ministry of Agriculture; and Bank of the Republic of Haiti. \/ These data are somewhat imprecise. Crop estimates made by experts from bilateral aid donors, international organizations, and private consultants often differ sharply from those of the Ministry of Agriculture. Some of the difficulties in estimation arise from the lack of qualified field personnel, but estimation is also handicapped by the widespread occurrence of intercropping and variability of yields. Estimation is particularly difficult for crops that are consumed directly by the peasant producer. The last years have exacerbated all those difficulties. - 24 - Table 7. Haiti: Generation of Electricity Fiscal Year Enging Septemer 30. 1990 1991 1992 1993 Prel. 1994 (In millions of kilowatt hours) Total billing 332.0 287.7 202.9 229.2 124.7 Total generation Hydrogeneration Dry season Wet season Thermalgeneration Total billing/total generation Bydrogeneration/total generation 559.4 477.0 186.0 235.8 66.1 86.5 119.9 149.3 373.4 241.2 (In percent) 59.3 60.3 33.2 49.4 352.6 208.2 43.9 164.3 144.4 57.5 59.0 422.5 319.3 111.0 208.3 103.2 54.2 75.6 235.5 208.5 58.4 150.1 27.0 53.0 88.5 Source: Electricite d'Haiti. - 25 - Table 8. Haiti: Monthly Changes in the Consumer Price Index Fiscal Year Ending September 30 1990 1991 1992 1993 Frel 1994 (Monthly percentage change) Average October November December January February March April May June July August September October November December January February March April May June July August September October November December January February March April May June July August September JL2 3.0 1.1 1.2 2.0 -0.1 2.4 0.5 2.6 1.2 1.6 4.7 -0.4 (Cumulative change during the 3.0 4.1 5.4 7.5 7.5 10.1 10.6 13.6 14.9 16.8 22.2 21.8 ( 12-month change 17.6 18.0 18.3 19.8 17.6 20.0 19.6 21.7 21.1 22.0 26.3 21.8 ojfc 4.3 2.6 -1.1 2.0 -1.3 -0.2 4.9 1.5 -1.8 -2.1 -0.6 -1.4 fiscal 4.3 7.0 5.9 8.0 6.6 6.4 11.6 13.3 11.3 9.0 8.4 6.8 23.3 25.1 22.3 22.3 20.8 17.7 22.9 21.5 18.0 13.7 8.0 6.8 JLtft 8.7 1.8 3.8 7.0 -2.2 0.5 0.5 0.6 0.3 0.2 0.4 0.5 year) 8.7 10.6 14.8 22.9 20.2 20.8 21.4 22.2 22.5 22.8 23.3 23.8 11.2 10.4 15.8 21.5 20.4 21.2 16.1 15.2 17.5 20.3 21.4 23.8 2,0 1.0 1.6 4.1 1.8 1.7 1.7 4.7 1.7 1.6 0.9 1.7 1.5 1.0 2.6 6.8 8.8 10.6 12.5 17.8 19.9 21.8 22.9 25.0 26.9 15.1 14.9 15.2 9.6 13.9 15.3 20.1 21.4 23.0 23.9 25.6 26.9 3^6 2.2 3.3 1.8 2.6 2.2 2.6 6.4 3.0 2.5 6.0 10.2 0.1 2.2 5.6 7.5 10.4 12.8 15.8 23.1 26.9 30.1 37.9 51.9 52.1 28.4 30.5 27.7 28.7 29.4 30.5 32.6 34.3 35.5 42.3 54.2 52.1 Sources: Haitian Institute of Statistics; Central Bank of Haiti; and Fund staff estimates. - 26 - Table 9. Haiti: Consumer Price Index I/ Fiscal Year Ending September 30 Average October November December Jananuary February March April May June July August September 1990 (Base 211.5 195.5 197.6 200.1 204.1 204.0 208.9 209.9 215.5 218.0 221.6 231.9 231.1 1991 1980 - 100) 250.1 241.1 247.3 244.7 249.5 246.3 245.9 258.0 261.8 257.2 251.9 250.4 246.8 1992 294.9 268.2 273.0 283.4 303.3 296.5 298.1 299.6 301.5 302.3 302.9 304.0 305.5 1993 350.5 308.5 313.6 326.4 332.3 337.9 343.7 360.0 366.2 372.0 375.5 381.8 387.6 Prel 1994 476.8 396.2 409.3 416.8 427.8 437.2 448.7 477.3 491.7 504.1 534.4 588.9 589.6 (Annual percentage change) Average End of period 20.4 21.8 18.2 6.8 17.9 23.8 18.9 26.9 36.1 52.1 Sources: Haitian Institute of Statistics and Central Bank; and Fund staff estimates. I/ The numbers are for the metropolitan area of Port-au-Prince until 1991. Since 1992, a new base was adopted and the index covers the whole country. - 27 - Table 10. Haiti: Selected Price Indicators (Average for Year Endin* Sentenher 30: base vear. FY 1975/76 =100) Fiscal Year 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 Consumer Price Index I/ 100.0 107.4 104.3 114.4 135.0 146.1 158.1 171.4 185.1 200.7 217.8 206.8 212.8 236.1 284.2 336.0 396.2 470.9 640.7 GDP Implicit Deflator 100.0 110.9 109.3 112.4 134.3 142.4 148.0 161.2 179.1 197.1 220.5 214.6 219.1 244.0 291.0 342.8 396.7 468.5 643.5 Import Price Index 100.0 105.8 110.0 123.8 139.3 150.9 159.8 163.0 174.0 176.3 170.1 172.0 180.2 181.0 186.2 187.1 201.9 205.7 206.3 Export Price Index 100.0 124.5 127.7 129.2 149.6 144.1 138.4 149.0 156.0 159.0 167.9 170.4 169.8 173.9 168.8 170.4 167.9 176.6 175.2 Terms of Trade Index 100.0 117.7 116.1 104.4 107.4 95.5 86.6 91.4 89.7 90.2 98.4 98.8 94.0 95.8 90.4 90.8 82.9 85.6 84.7 Sources: Haitian Institute of Statistics; and Fund staff estimates. I/ Data before 1980 was obtained by splicing the old consumer price index based on 1948. the index covered only the Port-au-Prince area and since 1992 the whole country. Before 1991 - 28 - Table 11. Haiti: Changes in Consumer Prices for the Port-au-Prince Metropolitan Area I./ Total Food Clothing Housing Furniture and household items Services 1990 20,4 22.5 22.0 10.7 12.3 20.5 Fiscal Ye) 1991 18^2 18.3 17.4 6.7 24.4 26.2 &r Endin& Sep1 1992 15,6 19.0 14.4 8.3 17..8 12..5 member 30 1993 ILl 12.8 17.1 28..2 31.3 22..2 Prel. 1994 36JL 22.9 39.1 47.5 22.9 64.9 Sources: Haitian Institute of Statistics; Bank of the Republic of Haiti; and Fund staff estimates. I/ Since 1992 percentage changes correspond to the consumer price index produced by the Bank of the Republic of Haiti which includes the whole country. (Percentase change in period avarages) - 29 - Table 12. Haiti: Price Movements of Selected Items fin gourdes per unit) Fiscal Year Endine September 30 Rice Mine Gougousse (1 pound) Imported (1 pound) Corn (1 pound) Sorghum (1 pound) Beans (1 pound) Chicken (1 pound) Eggs (pack of three) Fish (1 pound) Charcoal (60 kilograms per sack) Sources: Haitian Institute Haiti. 1990 3.2 2.2 1.5 1.4 2.8 7.8 2.2 10.4 39.1 1991 3.1 2.5 1.7 1.6 3.4 10.2 2.9 11.9 42.7 of Statistics; 1992 3.4 2.8 2.0 2.0 3.0 11.2 2.9 14.0 46.9 and Bank 1993 3.8 2.9 2.3 2.4 4.1 14.9 3.9 16.6 66.9 of the 1993 3.8 2.9 2.2 2.4 4.1 14.9 4.0 -- 73.3 Republic 1994 4.7 3.9 2.8 2.5 5.8 18.2 3.6 18.4 100.0 of - 30 - Table 13. Haiti: Minimum Wage Races Fiscal Year Ending September 30 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 Standard Minimum Wage Rate (gourdes per day) 5.0 5.0 5.0 6.1 6.5 6.5 8.0 8.0 11.0 13.2 13.2 13.2 13.2 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 Real Wage Index I/ 101.0 82.5 71.6 74.4 71.7 67.1 85.0 77.6 90.4 100.0 92.4 85.2 78.9 72.8 67.1 70.6 68.7 61.9 51.4 43.5 36.9 31.0 22.8 Sources: Ministry of Social Affairs; Haitian Institute of Statistics; and Bank of the Republic of Haiti. I/ Last quarter of 1971 - 100. Deflated by consumer price index for Port-au-Prince to 1991 and since 1992 by an index covering the whole country produced by the Central Bank. - 31 - Table 14. Haiti: Summary Operations of the Public Sector Current account balance of the Central Government Current revenue Current expenditures Public enterprises current account balance  Public sector savings Capital expenditure Overall balance (before grants) Grants Financing External financing (net) 2 Domestic financing (net) Central Bank Commercial banks Other 3/ Central government current revenue (excluding grants) Central government current expenditure Public sector savings Capital expenditure Overall balance (before grants) Grants Overall balance (after grants) Financing (net) External financing (net) Domestic financing (net) 1990 (In millions o -228.7* 1,081.7 1,310.4 72.1 -156.5 765.2 -921.8 376.0 -545.8 540.8 305.5 240.3 176.4 -22.0 85.9 (In percent 7.3 8.8 -1.1 5.1 -6.2 2.5 -3.7 3.7 2.0 1.7 Fiscal 1991 f gourdes) -104.2 1,287.0 1,391.2 102.6 -1.6 769.5 -771.1 470.0 -301.1 301.1 181.4 119.7 16.3 7.8 95.6 of GDP) 7.6 8.2 — 4.5 -4.5 2.8 -1.8 1.8 1.1 0.7 Year Ending September 30 1992 -483.1 926.5 1,409.6 162.8 -320.3 67.5 -387.8 -387.8 387.8 46.2 341.6 624.7 -90.9 -192.2 5.5 8.4 -1.9 0.4 -2.3 — -2.3 2.3 0.3 2.0 1993 -716.5 1,068.6 1,785.1 435.2 -281.3 195.8 -477.1 -477.1 477.1 124.9 352.2 936.2 --146.8 -437.2 5.5 9.2 -1.5 1.0 -2.5 — -2.5 2.5 0.6 1.8 Prel 1994 1,213.3 793.8 2,007.1 319.5 -893.8 105.8 -999.6 12.4 -987.2 987.2 115.5 871.1 1,095.7 -43.8 -180.2 3.3 8.4 -3.8 0.4 -4.2 0.1 -4.1 4.1 0.5 3.6 Sources: Ministry of Economy and Finance; Bank of the Republic of Haiti; and Fund staff estimates. I/ Refers to six major enterprises; excludes transfers to the Central Government. 2/ Includes external arrears, except reserve liabilities. 3/ Includes domestic arrears. Overall balance (before grants) - 32 - Table 15. Baiti: Financing of the Public Sector Deficit (In millions of gourdes) Fiscal Year Ending September 30 Total public sector deficit External financing (net) I/ Multilaterals Bilaterals and others 2/ Other 3/ Domestic financing (net) BRH Conner cial banks ±/ Other 3/ General Government External financing (net) I/ Multilaterals Bilaterals and others 2/ Other 3/ Domestic financing (net) BRH Commercial banks A./ Other 3/ External financing (net) Domestic financing (net) BRH Commercial banks Other 3/ Sources: Ministry of Economy and I/ Excludes reserve liabilities. 2/ Includes OPEC Fund and IFAD. 3/ Includes arrears. 4/ Includes escrow accounts. 1990 -545.8 305.5 218.5 25.0 62.0 240.3 176.4 -22.0 85.9 -418.5 305.5 218.5 25.0 62.0 113.0 135.0 -22.0 "••• -127.3 — 127.3 41.4 — 85.9 Finance; Bank of 1991 -301.1 181.4 98.4 24.0 59.0 119.7 16.3 7.8 95.6 -238.6 181.4 98.4 24.0 59.0 57.2 49.4 7.8 — — -62.5 62.5 -33.1 — 95.6 the Republic 1992 -387.8 46.2 -41.7 -31.1 118.9 341.6 624.7 -90.9 -192.2 -464.2 46.2 -41.7 -31.1 118.9 418.0 497.9 -90.9 11.0 76.4 -76.4 126.8 — -203.2 of Haiti; and 1993 -477.1 124.9 -116.3 -80.8 322.1 352.2 936.2 -146.8 -437.2 -798.4 124.9 -116.3 -80.8 322.1 673.5 770.3 -146.8 50.0 321.3 -321.3 165.9 — -487.2 Prel. 1994 -987.2 115.5 -133.5 -33.0 282.0 871.7 1,095.7 -43.8 -180.2 -1.274.9 115.5 -133.5 -33.0 282.0 1,159.4 1,067.2 -43.8 136.0 287.7 -287.7 28.5 — -316.2 Fund staff estimates. External financing (net) I/ Rest of public sector - 33 - Table 16. Haiti: Operations of the General Government Fiscal Year Ending September 30 1990 1991 1992 1993 Prel. 1994 (In millions of gourdes) Total revenue including transfers from public enterprises 1.153.5 Current revenue of the Central Government 1,081.7 Transfers from public enterprises 71.8 Total expenditure 1.948.0 Current Expenditure of the Central Government It310.4 Capital outlays 637.6 Central Government 41.0 Expenditures financed with concessional assistance 596.6 Current account balance -228.7 Overall balance (before grants) ••794*5 Grants 376.0 Overall balance (after grants) -416.5 Financing External 2/ Domestic BRH Commercial banks Other 3/ 1.332.4 1,287.0 45.4 2.041.0 1,391.2 649.8 27.8 622.0 -104.2 -708.6 470.0 -238.6 238.6 181.4 57.2 49.4 7.8 (As a percent of GDP) 973.7 926.5 47.2 1.437.9 1,409.6 28.3 28.3 -464.2 1.105.1 1,068.6 36.5 1.903.5 1,785.1 118.4 62.2 804.0 793.8 10.2 2.091.3 2,007.1 84.2 84.2 56.2 I/ -716.5 -1.042.2 -798.4 -1.287.3 12.4 -798.4 -1.274.9 798.4 124.9 673.5 770.3 -146.8 50.0 1.274.9 115.5 1,159.4 1,067.2 -43.8 136.0 Total revenue Total expenditure Of which: current expenditur Capital expenditure Current account balance Overall balance (before grants) Overall balance (after grants) 7.8 13.1 8.8 4.3 -1.5 -5.3 -2.8 7.8 12.0 8.2 3.8 -0.6 -4.2 -1.4 5.8 8.6 8.4 0.2 -2.9 -2.8 -2.8 5.7 9.9 9.2 0.6 -3.7 -4.1 -4.1 3.4 8.8 8.4 0.4 -5.1 -5.4 -5.3 Sources: Ministry of Economy and Finance; Bank of the Republic of Haiti, and Fund staff estimates. \l Reflects a drawdown on counterpart fund deposits at the Central Bank. 2/ Includes external arrears, except reserve liabilities. 3/ Includes domestic arrears. -483.1 -464.2 418.5 305.5 113.0 135.0 -22.0 464.2 46.2 418.0 497.9 -90.9 11.0 Table 17. Haiti: Summary Operations of the Central Government Total revenue Current revenue Internal Customs Escrow accounts Transfers from public enterprises Grants Total expenditure Current expenditure Wages and salaries Operations I/ Interest payments External Internal Transfers and subsidies Other Capital expenditure Current account balance Overall balance (after grants) Financing (net) External 2/ Domestic I/ Of which: Central Bank Total revenue Current revenue Transfers from public enterprises Grants Total expenditure Current expenditure Capital expenditure Overall balance (after grants) 1990 (In millions o 1.155.5 1,081.7 871.7 210.0 — 71.8 2.0 1.351.4 1.310.4 828.0 313.9 112.0 36.0 76.0 18.0 38.5 41.0 -228.7 "195.9 195.9 32.0 163.9 185.9 (In percent ZJ> 7.3 0.5 U1 8.8 0.3 -1.3 Fiscal Ye 1991 f gourdes 1.332.4 1,287.0 1,003.9 283.1 — 45.4 1.419.0 1,391.2 895.2 371.0 94.1 36.0 58.1 13.9 17.0 27.8 -104.2 -86.6 86.6 24.5 62.1 54.3 of GDP) LJ» 7.6 0.2 -- 8^3 8.2 0.1 -0.6• i i* i -0.5 >ar Ending SOE 1992 973.7 926.5 673.9 153.6 99.0 47.2 -- 1.437.9 1,409.6 926.1 251.0 104.3 46.2 58.1 8.2 120.0 28.3 -483.1 -464.2 464.2 46.2 418.0 497.9 5.8 5.5 0.3 8.6 8.4 0.2 -2.9 mmSLmm^ -2.8 it ember 30 1993 1.105.1 1,068.6 747.9 179.2 141.5 36.5 1.847.3 1,785.1 1,119.7 320.4 183.0 124.9 58.1 34.6 127.4 62.2 -716.5 -742.2 742.2 124.9 617.3 714.1 JLZ 5.5 0.2 9^6 9.2 0.4 -3.7•in if -3.8 Prel. 1994 816.4 793.8 540.0 104.7 14S.1 10.2 12.4 2.091.3 2,007.1 1,183.0 343.9 173.6 115.5 58.1 — 306.6 84.2 -1.213.3 -1.274.9 1.274.9 115.5 1,159.4 1,067.2 3L1 3.3 — 0.1 8.8 8.4 0.4 -5.1 Sources: Ministry of Economy and Finance; Bank of the Republic of Haiti; and Fund staff estimates. I/ In 1994, includes expenditures amounting to G 220.5 million effected through discretionary accounts. 2/ Includes external arrears, except reserve liabilities. I/ Includes domestic arrears. - 34 - Current account balance -1.5 -5.4 - 35 - Tab la 18. Haiti: Central Government Revenue 1990 Fiscal Yetr Ending September 300 1991 Est. 1992 I/ Est. 1993 I/ Est. 1994 (In millions of jtourdes) Total currant revenue Customs Intern^} General s«les tax Internal Customs Taxas on income and profits Corporate Individual Taxas on property Taxas on goods and services and others Taxas on goods and services Excise Flour Sugar Petroleum Cigarette Other excises Motor vehicles Consular services Other revenues Currant revenue Customs Internal General sales tax Internal Customs Taxas on income and profits Corporate Individual Taxas on property Taxas on goods and services and others Othar revenues MAHmvAnfimn 4 f* Am Escrow accounts (flows) Of which: tobacco 1.081.7 210.0 871.7 211.6 67.9 143.7 164.7 84.1 80.6 2.4 493.0 319.5 259.5 0.2 2.5 158.2 83.8 14.8 18.5 41.5 173.5 (In par cant of 7.3 1.4 5.8 1.4 0.5 1.0 1.1 0.6 0.5 2.1 1.2 — 1.287.0 283.1 1,003.9 285.1 76.9 208.2 210.6 96.0 11.4.5 0.1 508.1 353.0 286.9 0.1 0.1 192.3 79.6 14.7 21.1 45.1 155.1 GDP) 7.6 1.7 5.9 1.7 0.5 1.2 1.2 0.6 0.7 — 2.1 0.9 — 926.5 153.6 772.9 190.3 69.0 121.3 175.7 64.4 111.4 — 406.9 279.7 241.6 0.1 0.2 149.2 82.8 9.4 14.5 23.6 127.2 5.5 0.9 4.6 1.1 0.4 0.7 1.0 0.4 0.7 — 1.7 0.8 99.0 79.2 1.068.6 179.2 889.4 241.3 101.4 139.9 169.7 67.3 102.4 0.3 478.2 359.7 310..5 0.1 0.1 194.0 92.5 23.8 20.0 29.2 118.5 5.5 0.9 4.6 1.3 0.5 0.7 0.9 0.3 0.5 — 1.9 0.6 141.5 92.5 793.8 104.7 689.1 160.4 64.7 95.7 142.4 81.7 60.7 1.3 385.0 224.3 196.1 —20.6 111.4 44.1 20.0 9.4 18.8 160.7 3.3 0.4 2.9 0.7 0.3 0.4 0:6 0.3 0.3 —0.9 0.7 149.1 44.1 Sources: Ministry of Finance and Economy; and the Central Bank of the Republic of Haiti. I/ Adjusted for escrow accounts held by the Petroleum and Tobacco companies. 1/ - 36 - Table 19. Haiti: Consolidated Accounts of the Main Public Enterprises JL/2/ Fiscal Year Ending September 30 Total revenue Total expenditure Current Capital Operating balance Transfers (net) Current account balance Overall balance Financing Central Bank Other 1990 (In millions 1.022.6 1.085.0 957.4 127.6 65,2 -64.8 0.4 -127.3 127.3 41.4 85.9 1991 of gourdes) 998.3 1.007.6 887.9 119.7 110.4 -53.2 IL1 -62.5 62,1 -33.1 95.6 1992 922.7 806.0 766.8 39.2 156.0 -40.3 115.6 76^4 -76.4 126.6 -203.2 1993 1.262.5 903.6 826.3 77.3 436.3 -37.6 398.7 321.3 -321.3 165.9 -487.2 Prel. 1994 1.063.9 738.5 716.9 21.6 347.0 -37.7 309.3 287.7 -287.7 28.5 -316.2 (In percent of GDP) Total revenue Total expenditure Transfers (net) Current account balance Overall balance 6.9 7.3 -0.4 ... -0.9 5.9 5.9 -0.3 0.3 -0.4 5.5 4.8 -0.2 0.7 0.5 6.5 4.7 -0.2 2.1 1.7 4.5 3.1 -0.2 1.3 1.2 Sources: Tables 20, 21, 22, 23, 24, and 25. I/ Accrual basis. 2/ From 1990 to 1993 includes the Flour Mill and the Cement company. - 37 - Table 20. Haiti: Accounts of the Electricity Company Fiscal Year EndlnK Seotenibeir 30 1990 1991 1992 1993 Prel. 1994 (In millions of gourdes) Total revenue Sales Private sector Public sector Other Total expenditure Current Wages Interest Oil purchases Other Capital Transfers (net) Current account balanc Overall balance Financing Central Bank Other i/ 266.4 262.8 224.9 38.0 3.6 371.6 323.9 59^6 253.9 253.0 215.88 37.2 0.9 399.8 298.0 67.2 36.2 77.8 116.8 101.847.7 -57.5 -105.2 105.2 6.8 98.4 CIn percent of GDP) 184.7 181.3 152.4 28.9 3.5 268.7 253.2 73.6 49.4 66.0 64.2 15.5 -68.4 '83.9 83,1 44.2 39.7 262.4 259.9 219.99 40.0 2.5 270.1 259.7 79.2 50.3 58.4 71.9 10.4 LJL 7.7 1.1 6.6 157.6 257.1 257.1 71.5 50.3 11.0 124.4 -99.5 99.5 -1.0 100.5 Total revenue Total expenditure Current account balance Overall balance 1.8 2.5 -0.4 -0.7 1.5 2.3 -0.3 -0.9 1.1 1.6 -0.4 -0.55 1.4 1.4 — — 0.7 1.1 -0.4 -0..4 Source: Electriciti d*Haiti. \/ Includes change in arrears. -145.9 145.99 -8.8 154.77 -44.1 -7.7 -99.5 - 38 - Table 21. Haiti: Accounts of the Telecammunications Company Fiscal Year Ending September 30 Total revenue National services International services Other Total expenditure Current Wages Interest Repair and maintenance Other Capital Operating balance Transfers (net) Current account balance Overall balance Financing Central Bank Other I/ 1990 (In millions 276.4 56.8 214.6 5.0 236.8 191.0 79.2 13.5 7.5 90.8 45.8 8&J> -35.6 49^ 4.0 ~ -4.0 1991 of gourdes) 314.7 64.2 244.0 6.5 212.7 202.4 100.8 13.8 8.1 79.7 10.3 112.3 -35.6 76.7 66.4 "66.4 0.3 -66.7 1992 556.9 65.7 482.5 8.7 266.0 243.9 94.8 13.1 10.7 125.3 22.1 313.0 -35.6 277.4 255.2 -255.2 65.8 -321.0 1993 867.7 88.0 773.1 6.6 444.6 378.1 106.8 16.3 17.5 237.5 66.5 489.6 -35.6 453.9 387.4 -387.4 86.0 -473.4 Prel. 1994 778.7 80.0 697.7 1.1 384.6 363.3 101.2 21.4 14.1 226.6 21.3 415.4 -35.6 379.8 358.5 -358.5 29.0 -387.5 (In percent of GDP) Total revenue Total expenditure Current account balance Overall balance 1.9 1.6 0.3 1.8 1.2 0.5 0.4 3.3 1.6 1.7 1.5 4.5 2.3 2.4 2.0 3.3 1.6 1.6 1.5 Sources: Telecommunications d'Haiti, S.A.; Bank of the Republic of Haiti; and Fund staff estimates. I/ Includes change in arrears. -4.0 - 39 - Table 22. Haiti: Accounts of the Port Administration CIn millions of gourdes) Total revenue Total expenditure Current Wages Repair and maintenance Interest Other Capital Operating bel^wce Transfers (net) Current account balance Overall balance Financing Central Bank Other I/ Total revenue Total expenditure Current account balance Overall balance 1990 83.5 82.4 62.0 62.0 20.4 21.5 -18.0 3L£ -!••» 16.9 19.8 -2.9 0.6 0.6 1991 100.9 76.1 76.1 25.5 4.6 5.3 40.8 -- 24.8 -17.8 1*1 **! z&JL 8.0 -14.9 0.6 0.4 „. 0.2 1992 47.1 58.9 57.3 29.2 3.7 5.1 19.3 1.6 -10.3 -4.7 -15.0 ~1*T6 16.6 -1.4 18.0 0.3 0.4 -0.1 -0.1 1993 89.8 84.5 84.5 36.8 5.9 4.9 36.8 — 5.3 -2.0 3*3 3^3 -3.3 28.0 -31.3 0.5 0.4 0.1 0.1 Prel. 1994 74.8 74.3 74.3 32.5 4.1 4.7 33.0 -- 0.5 -2.0 zU :J^5 1*2 — 1.5 0.3 0.3 — Sources: Administration Portuaire de Port-au-Prince; Bank of the Republic of Haiti; and Fund staff estimates. I/ Includes change in arrears. Fiscal Year Ending September 30 Total expenditure - 40 - Table 23. Haiti: Accounts of the Water Supply Company Fiscal Year Ending September 30 Total revenue Total expenditure Current Wages Interest Other Capital Operating balance Transfers (net) Current account balance Overall balance Financing Central Bank Other I/ 1990 (In millions 19^3 27.0 20.2 14.2 1.3 4.6 6.8 i^S. -2.7 -3.5 -10 • 3 10^3 —10.3 1991 of gourdes) 23^ 26.2 24.7 15.0 1.5 8.2 1.5 -1.3 0.3 -1.0 H 2^1 -2.1 4.6 1992 32^ 22.9 22.9 15.5 1.3 6.1 9^2 92 9^2 Zl.2 -0.8 -8.4 1993 37^2 23^0 22.6 15.7 0.7 6.2 0.5 14.7 0.1 14.8 IH . o — JLH . w 7.0 -21.3 Prel. 1994 52^8 22^5 22.2 16.2 0.7 5.3 0.3 30.6 30.6 30.3 -30.3 0.5 -30.8 (In percent of GDP) Total revenue Total expenditure Current account balance Overall balance 0.1 0.2 —-0.1 0.1 0.2 — 0.2 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.1 0.1 0.1 Sources: Centrale Autonome Metropolitaine d'Eau Potable; Bank of the Republic of Haiti; and Fund staff estimates. I/ Includes change in arrears. - 41 - Table 24. Haiti: Accounta of tha Cement Company Fiscal Year Ending September 30 Total ravanua Total expenditure Currant Wages Interest Other Capital Operating balance Transfars (nat) Currant accowit balance Overall balance Financing Central Bank Other 1990 (In millions 114.0 123.4 117.9 „_ — 5.5 -8.5 22^9 -5.0 1991 of gourdes) 122.7 137.0 136.5 33.7 2.7 100.1 0.5 -13.8 0.3 14.0 1992 68.6 94^2 94.2 30.1 4.8 59.3 -25.6 -25.6 -25 , -5.3 30.9 1993 81.4 2.1 1.8 77.5 -76.0 -76.0 76.0 43.8 32.2 Prel. 1994 (In par cant of GDP) Total ravanua Total expenditure Transfers Currant account balance Overall balance 0.8 0.8 -0.1 -o.i -0.1 0.7 0.8 -0.1 -0.1 0.4 0.6 -0.2 -0.2 0.4 -0.4 -0.4 Sources: Ciment dfHaiti; Bank of tha Republic of Haiti; and Fund staff estimates. 5.4 81.4 -76.0 -3.2 -12.4 -17.9 17.9 -13.8 -14.3 14.3 25.6 - 42 - Table 25. Haiti: Account* of the Flour Mill Total revenue Total expenditure Current Wages Interest Other Capital Operating balance Transfers (net) Current accomt balance Overall balance Financing Central Bank Other 1990 (In millions 262.9 243.8 242.4 — — —1.4 20^5 20^5 12JL -1?,1 -8.1 -11.0 Fiscal 1991 of gourdes) 182.7 155.8 150.2 7.7 9.1 133.4 5.6 32,1 31x1 26.9 -26.9 -30.8 3.9 Year Ending Sept^fi^er 30 Prel. 1992 1993 1994 33,4 22*2 r- 95.3 — — 12.9 3.5 78.9 -61,9 -61;? ~ -6*T? ilJ: ~ - 24.3 37.6 (In percent of GDP) Total revenue Total expenditure Current account balance Overall balance 1.8 1.6 0.1 0.1 1.1 0.9 0.2 0.2 0.2 0.6 -0.4 -0.4 Sources: Minoterie d'Haiti; Bank of the Republic of Haiti; and Fund staff estimates. - A3 - Table 26. Haiti: Origin, Destination, and Financing of Bank Credit (In millions of gourdes) Total credit Origin BRB General Government and special accounts Public enterprises Other BNC General Government Public enterprises Private sector Other Private banks General Government Public enterprises Private sector Other Inter-bank float Destination Public sector General Government Public enterprises Private sector Other Financing Liabilities to private sector BRH BNC Private banks Net international reserves BRB BNC Private banks SDR allocation IMF Trust Fund Deposit of petroleum company 1990 A. 765. 9 2,942.5 2,610.3 44.55 287.7 234.3 -40.8 33.2 302.2 -60.2 1,519.1 17.3 — 1,427.0 74.7 70..0 2,664.5 2,586.8 77.7 1,729.2 372.2 4,492.0 1,164.7 623.2 2,704.0 178.0 274.4 -1.44 -94.9 95.4 0.5 1991 5 26A .7 3,268.3 2,659.6 14.2 594.5 331.22 -24.4 -11.00 329.4 37.1 1,678.5 8.7 ~ 1,515.8 154.1 -13.4 2,647.2 2,643.9 3.2 1,845.2 772.3 5,069.3 1,374.2 685.2 3,009.8 50..6 315..2 -62.3. -202.2 139.6 5.1 1992 6.823.3 4,532.9 3,157.6 144.7 1,230.6 338.2 -11..6 -0.5. 319.1. 31.2 2,020.3 -95.0 -0.8 1,618.6 497.5 -68.11 3,194.4 3,051.0 143.4 1,937.7 1,691.1 6,313.4 1,683.6 843.5 3,786.2 -8.1 481.9 -80.3 -409.7 205.4 312.6 1993 8.522.1 5,432.8 3,927.9 440.7 1,064.2 347.1 -15.8 -0.99 343.5 20.3 2,897.1 -237.6 -3.33 2,136.7 1,001.3 -154.8 4,111.0 3,674.5 436.5 2,480.2 1,930.9 8,532.0 2,403.0 1,093.6 5,035.4 -250.8 725.9 -125.9 -850.8 240.9 —"" Prel. 1994 10.061.7 7,515.1 4,868.2 333.5 2,313.3 298.4 -17.4 -1.2 326.7 -9.6 2,413.5 -279.8 -4.1 2,297.8 399.6 -165.2 4,899.2 4,571.0 328.2 2,624.4 2,538.1 9,597.5 2,954.7 1,153.9 5,488.8 161.1 1,433.4 -135.8 -1,136.6 303.2 —""" Dec. 1994 9.803.9 5,806.3 5,297.6 292.0 216.7 374.7 -18.4 -1.0 364.8 29.4 3,062.9 -280.8 -4.1 2,644.4 703.4 559.9 5,285.3 4,998.4 286.9 3,009.2 1,509.4 10,371.4 3,199.0 1,202.9 5,969.5 -828.2 27.3 -132.9 -722.6 260.7 —~ Sources: Bank of the Republic of Haiti; and Fund staff estimates. Fiscal Year Ending September 30 - 44 - Table 27. Haiti: Change in Total Credit Extended by the Banking System (In Total Origin BRH General Government and special accounts Public enterprises Other BNC •• General Government Public enterprises - • Private sector Other Private banks General Government Public enterprises Private sector Other Inter-bank float Destination Public sector General Government Public enterprises Private sector Other Financing Liabilities to private sector BRH BNC Private banks Net international reserves BRH BNC Private banks SDR allocation IMF Trust Fund Deposit of petroleum company (Change with respect to at the Total Origin BRH General Government and special accounts Public enterprises Other BNC General Government Public enterprises Private sector Other Private Banks General Government Public enterprises Private sector Other Inter-bank float Destination Public sector General Government Public enterprises Private sector Other 1990 millions 504.5 536.0 57.5 84.3 394.1 -41.8 -1.3 -40.2 37.2 -37.4 57.3 -20.4 —21.3- 56.5 -46.9 79.8 35.6 44.2 58.5 366.3 380.9 79.2 19.9 281.8 121.9 237.4 -50.2 -65.4 7.7 -6.0 1991 of gourdes) 498.8 325.9 49.3 -30.3 306.8 96.8 16.4 -44.2 27.3 97.4 159.5 -8.6 —88.7 79.4 -83.4 -17.4 57.1 -74.5 116.0 400.2 577.3 209.5 62.0 305.8 -127.4 40.8 -60.9 -107.3 44.2 -0.5 5.1 total liabilities to beg in ing 12.3 13.0 1.4 2.1 9.6 -1.0 —-1.0 1.0 -0.9 1.4 -0.5 —0.5 1.4 -1.1 1.9 0.9 1.1 1.4 8.9 SeDtAfn!^er 1992 1.558.6 1,264.6 497.9 130.5 636.1 7.0 12.8 10.5 -10.3 -6.0 341.7 -103.7 -0.8 102.8 343.4 -54.8 547.2 407.0 140.2 92.5 918.8 1,244.1 309.4 158.3 776.4 -58.8 166.7 -18.0 -207.5 65.7 —307.5 30 1993 1.698.9 899.9 770.3 296.0 -166.4 8.9 -4.1 -0.4 24.4 -10.9 876.8 -142.6 -2.5 518.1 503.8 -86.7 916.6 623.6 293.1 542.4 239.8 2,218.6 719.4 250.1 1,249.1 -242.7 244.0 -45.5 -441.1 35.5 —-312.6 1994 1.539.6 2,082.3 940.3 -107.2 1,249.2 -48.7 -1.6 -0.3 -16.8 -29.9 -483.6 -42.2 -0.8 161.1 -601.7 -10.4 788.1 896.5 -108.3 144.3 607.2 1,065.5 551.7 60.3 453.5 411.8 707.6 -9.9 -285.8 62.3 Dec. 1994 1.846.7 1,097.8 1,492.7 17.6 -412.5 -4.6 -0.3 29.5 -33.1 58.9 -113.7 -0.8 457.9 -284.5 694.5 1,394.9 1,378.4 16.5 487.4 -35.6 1,587.7 726.9 101.1 759.6 239.3 89.2 -19.7 169.8 19.8 the private sector of the veriod) liU 7.3 1.1 -0.7 6.8 2.2 0.4 -1.0 0.6 2.2 3.6 -0.2 —2.0 1.8 -1.9 -0.4 1.3 -1.7 2.6 8.9 30^7 24.9 9.8 2.6 12.5 0.1 0.3 0.2 -0.2 -0.1 6.7 -2.0 —2.0 6.8 -1.1 10.8 8.0 2.8 1.8 18.1 26^9 14.3 12.2 4.7 -2.6 0.1 -0.1 —0.4 -0.2 13.9 -2.3 —8.2 8.0 -1.4 14.5 9.9 4.6 8.9 3.6 18.0 24.4 11.0 -1.3 14.6 -0.6 ~ —-0.2 -0.4 -5.7 -0.5 —1.9 -7.1 -0.1 9.2 10.5 -1.3 1.7 7.1 — — — — — — — — — — — — — — — — — — — — — Sources: Bank of the Republic of Haiti; and Fund Staff estimates. - 45 - Table 28. Haiti: Sactoral Distribution of Connercial Bank Credit \/ Total Agriculture Mining Manufacturing Electricity, gas and water Construction Commercial activities Transport and communication Insurance and real estate Other services Total Agriculture Mining Manufacturing Electricity, gas and water Construction Commercial activities Transport and communication Insurance and real estate Other services 1990 (In millions of gourdes 1.451.6 17.4 2.2 449.2 30.5 429. 5744. 21.6 29.6 283.6 (In per c ex 100.0 1.2 0.2 30.99 2.1 3.0 39.66 1.5 2.0 19.5 Fiscal Year Ending 1991 1.449.6 13.3 2.2 446.3 15.0 40.9 558.7 31.8 26.8 314.7 it of total) 100.0 0.9 0.2 30.8 1.0 2.8 38.5 2.2 1.8 21.7 SeDtembe 1992 1.593.2 27.1 0.1 576.4 13.3 26.3 557.1 12.9 38.6 341.1 100.0 1.7 — 36.2 0.8 1.7 35.0 0.8 2.4 21.4 r 30 1993 1.931.7 42.8 0.5 783.7 13.1 29.6 457.1 18.9 151.2 434.9 100.0 2.2 — 40.6 0.7 1.5 23.7 1.0 7.8 22.5 June 30 1994 2.569.2 28.7 0.3 911.2 52.5 33.8 885.4 11.0 89.2 557.1 100..0 1.1 — 35.5 2.0 1.3 34.5 0.4 3.5 21.7 Sources: Bank of the Republic of Haiti; and Fund staff estimates. V Excludes loans below 6 75,000. - 46 - Table 29. Haiti: Summary Accounts of the Banking System 1990 (In millions Fiscal 1991 Year Ending September 1992 1993 30 Prel. 1994 Dec. 1994 of gourdes) I. Central Bank Net official reserves Net domestic assets Credit to the public sector (net) Liabilities to financial institutions Other (net) Currency in circulation Net foreign assets Net domestic assets Credit to the public sector (net) Credit to the private sector Other (net) Liabilities to the private sector Money (Ml) Money and quasi -Money (M2) Income velocity Ml M2 Liabilities to the private sector Net domestic assets i/ Credit to the public sector (net) i/ Credit to the private sector (net) JL/ Liabilities to the private sector Money Money and quasi -money -274.4 1.439.1 2,816.5 (net) -1,407.5 30.1 1,164.7 II. Consolidated -178.0 4.670.0 2,826.2 1,729.2 114.6 4.492.0 2,085.0 4,358.9 7.1 3.4 3.3 (Annual Derc< 12.2 3.2 1.4 9.3 1.2 10.4 -315.2 1.689.4 2,840.5 -1,434.2 283.1 1,374.2 , Banking ^i 5.119.9 2,813.8 1,845.2 461.0 5.069.3 2,323.5 4,941.7 7.3 3.4 3.4 int chang 10.0 -0.3 2.6 12.9 11.4 13.4 -481.9 2.165.5 3,468.9 -1,849.4 54.6 1,683.6 System ILI 6.305.3 3,361.0 1,937.7 1,006.5 6.313.4 2,818.6 6,144.7 6.0 2.7 2.7 e) 23.4 10.8 1.8 24.5 21.3 24.3 -725.9 3.128.9 4,479.0 -2,063.0 712.9 2,403.0 260.8 8.281.2 4,221.4 2,480.2 1,579.6 8.532.0 3,724.2 8,320.2 5.2 2.3 2.3 31.3 13.6 8.6 35.1 32.1 35.4 -1.433.4 4.388.1 5,439.0 -2,823.8 1,772.8 2,954.7 -161.1 9.758.5 5,136.5 2,624.4 1,997.6 9.597.5 4,379.6 9,304.8 5.4 2.6 2.5 17.3 10.7 1.7 12.5 17.6 11.8 -27.3 3.077.5 5.666.1 -2,319.3 -120.5 3,199.0 828.2 9.543.1 5,361.8 3,009.2 1,172.2 10.371.4 4,639.8 10,080.7 — — — — — — — — Sources: Table 30. I/ Changes with respect to the liabilities to the private sector at the beginning of the period. - 47 - Table 30. Haiti: Accounts of the Banking System (In millions of- gourdes) Fiscal Year Ending September 30 Net official reserves Assets Liabilites Arrears Liabilities to the IMF Other Net domestic assets Net credit to public sector Central Government Rest of Government Public enterprises Net liabilites to financial institutions Liabilities to BNC Liabilities to private banks Liabilities to other financial institutions SDR allocation Trust Fund Capital and surplus Counterpart of external arrears Other (net) Cur r en cy in c i r cu let i Net foreign assets Assets Liabilities Reserves and currency Currency holdings Deposits with the BRH Net domestic assets Net credit to public sector Central Government Rest of public sector Credit to private sector Credit to private banks Credit to private banks Liabilities to private banks Capital and surplus Other (net) Liabilities to BRH Liabilities to private sector Demand deposits Savings deposits Other 1990 I. Bancrue de la -274.4 63.7 -338.0 -62.5 -187.5 -88.0 1.439.1 2,654.6 2,772.0 -161.7 44.5 -1,407.5 -297.6 -1,100.0 -9.9 95.4 -0.5 -145.8 62.5 180.2 1.164.7 I*i 49.6 -48.2 391.9 91.9 300.0 234.3 -7.6 -40.8 33.2 302.2 -129.9 7.2 -137.1 -100.1 169.8 4^1 623.2 161.7 376.1 85.4 1991 Repubicrue -315.2 184.3 -499.4 -181.0 -246.6 -71.8 1.689.4 2,673.9 2,826.2 -166.6 14.2 -1,434.2 -286.6 -1,138.3 -9.3 139.6 — -148.5 181.0 277.6 1992 d'Haiti -481.9 385.7 -867.6 -426 . -323.7 -117.5 2.165.5 3,302.3 3,324.2 -166.6 144.7 -1,849.4 -401.4 -1,401.9 -46.1 205.4 ~ -184.7 426.5 265.4 1.374.2 1.683.6 62.3 62.3 — 291.7 133.4 158.3 331.2 -35.4 -24.4 -11.0 329.4 -121.8 10.8 -132.6 -88.7 247.7 685.2 155.7 420.5 109.0 80.3 80.3 — 425.0 90.2 334.8 338.2 -12.1 -11 .-6 -0.5 319.1 -232.3 10.8 -243.1 -98.1 361.6 843.5 171.3 555.5 116.8 1993 -725.9 626.0 -1,351.9 -1,041.3 -247.9 -62.6 3.128.9 4,368.6 4,038.3 -110.4 440.7 -2,063.0 -663.0 -1,343.7 -56.2 240.9 — -220 . 1,041.3 -238.4 2.403.0 125.9 125.9 — 620.6 76.1 544.6 347.1 -16.6 -15.8 -0.9 343.5 -272.7 28.6 -301.3 -98.1 391.0 1.093.6 198.3 773.9 121.4 Prel. 1994 -1.433.4 569.1 -2,002.5 -1,826.6 -99.6 -76.3 4.368.1 5,201.7 5,105.5 -237 . 333.5 -2,823.8 -746.1 -2,009.2 -68.4 303.2 — -269.4 1,826.6 149.7 2.954.7 135.8 135.8 — 719.8 113.6 606.2 298.4 -18.6 -17.4 -1.2 326.7 -312.6 26.4 -339.1 -104.4 407.4 __ 1.153.9 224.9 842.0 87.1 Dec. 1994 -27 T 3 673.2 -700.4 — -65.7 -634.7 3.226.3 5,589.6 5,374.1 -76.5 292.0 -2,319.3 -10.4 -2,246.8 -62.1 260.7 — -305.7 — 0.9 3.199.0 132.9 132.9 — 695.3 154.4 540.9 374.7 -19.4 -18.4 -1.0 364.8 405.2 38.0 367.2 -103.6 -272.2 __ 1.202.9 234.7 875.7 92.5 II. Ban ce Nationale de Credit (BNC) - 48 - Table 30. Haiti: Accounts of the Banking System (Continued) (In millions of gourdes) Fiscal Year Ending Seotember 30 1990 1991 1992 1993 Prel. 1994 Dec. 1994 III Private Banks Net foreign assets Assets Liabilities Reserves and currency Currency holdings Deposits with the BRH Net domestic assets Net claims on public sector Central Government Public enterprises Credit to private sector Unclassified assets Liabilities to BRH Liabilities to private sector Deposits Demand deposits Savings deposits Time deposits Private capital and surplus Net foreign assets Assets Liabilities Reserves and currency Currency holdings Deposits with the BRH Net domestic assets Net claims on public sector Central Government Public enterprises Credit to private sector Unclassified assets Liabilities to BRH Liabilities to private sector Deposits Demand deposits Savings deposits Time deposits and other Private capital and surplus 94.9 119.4 -24.6 1.110.1 67.5 1,042.6 1.519.1 17.3 17.3 —1,427.0 74.7 20.0 2.704.0 2,571.0 758.6 1,037.9 774.4 133.1 IV. COBBM 96__3 169.1 -72.8 1.502.0 159.4 1,342.7 1.753.4 9.7 -23.5 33.2 1,729.2 14.5 24.5 3.327.3 3,194.2 920.2 ,1,414.1 859.9 133.1 202.2 211.6 -9.4 1.144.3 60.4 1,083.9 1.678.5 8.7 8.7 — 1,515.8 154.1 1^2 3.009.8 2,882.2 793.6 1,160.2 928.4 127.6 trcial Banks 264.6 273.9 -9.4 1.436.0 193.8 1,242.2 2.009.7 -26.7 -15.7 -11.0 1,845.2 191.2 15.2 3.695.1 3,567.4 949.3 1,580.7 1,037.4 127.6 409.7 411.2 -1.5 1.618.7 82.9 1,535.9 2.020.3 -95.8 -95.0 -0.8 1,618.6 497.5 262.5 3.786.2 3,617.6 963.7 1,672.5 981.3 168.7 490.0 491.5 -1.5 2.043.7 173.1 1,870.6 2.358.5 -107.9 -106.6 -1.3 1,937.7 528.7 262.5 4.629.7 4,461.1 1,135.0 2,228.0 1,098.1 168.7 850.8 858.6 -7.8 2.020.6 248.0 1,772.6 2.897.1 -240.9 -237.6 -3.3 2,136.7 1,001.3 733.1 5.035.4 4,623.5 1,122.9 2,332.1 1,366.6 211.9 976.6 984.5 -7.9 2.641.2 324.0 2,317.2 3.244.2 -257.6 -253.4 -4.2 2,480.2 1,021.6 733.1 6.129.0 5,917.1 1,321.1 3,106.0 1,490.0 211.9 1.136.6 1,137.5 -0.9 2.517.7 222.1 2,295.6 2.413.5 -283.9 -279.8 -4.1 2,297.8 399.6 578.9 5.488.8 5,196.2 1,200.0 2,691.1 1,305.0 292.7 1.272.4 1,273.3 -1.0 3.237.4 335.6 2,901.8 2.711.9 -302.6 -297.2 -5.3 2,624.4 390.0 578.9 ••«•&£•£. 6.642.8 6,350.1 1,424.9 3,533.1 1,392.1 292.7 722.6 722.6 — 2.599.6 220.3 2,379.3 3.062.9 -284.9 -280.8 -4.1 2,644.4 703.4 415.6 5.969.5 5,678.8 1,206.1 2,799.3 1,673.4 290.7 855.5 855.5 — 3.294.9 374.7 2,920.2 3.437.6 -304.4 -299.2 -5.1 3,009.2 732.8 415.6 7.172.4 6,881.7 1,440.8 3,675.0 1,765.9 290.7 - 49 - Table 30. Haiti: Accounts of tha Banking System (Concludad) (In millions of gourdes) Fiscal Year Ending SeDt*Mn^|er 30 Assets Liabilities •Use of Fund credit Arrears Other Met domestic assets Credit to public sector Central Government Special Accounts Public enterprises Official capital and surplus Credit to private sector IMF Trust Fund Counterpart of external arrears Interbank float Net unclassified assets Liabilities to private sector Currency outside banks Deposits Demand deposits Savings deposits Time deposits Private capital and surplus 1990 1991 IV. Consolidated Banking -178.0 -so f 232.7 -410.8 -187.5 -62.5 -160.6 4.670.0 2,664.5 2,746.5 -161.7 77.7 -246.0 1,729.2 -0.5 62.5 70.0 390.2 4.492.0 1,164.7 3,194.2 920.2 1,414.1 859.9 133.1 -..WW . W 458.2 -508.8 -246.6 -181.0 -81.2 5.119.9 2,647.2 2,810.5 -166.6 3.2 -237.2 1,845.2 —181.0 -13.4 697.1 5.069.3 1,374.2 3,567.4 949.3 1,580.7 1,037.4 127.6 1992 System 8.1w 877.3 -869.1 -323.7 -426.5 -119.0 6.305.3 3,194.4 3,217.6 -166.6 143.4 -282.8 1,937.7 426.5 -68.1 1,097.6 6.313.4 1,683.6 4,461.1 1,135.0 2,228.0 1,098.1 168.7 1993 250 8*••* w * w 1,610.6 -1,359.8 -247.9 -1,041.3 -70.5 8.281.2 4,111.0 3,784.9 -110.4 436.5 -318.7 2,480.2 — 1,041.3 -154.8 1,122.2 8.532.0 2,403.0 5,917.1 1,321.1 3,106.0 1,490.0 211.9 Prel. 1994 1,842.4 -2,003.5 -99.6 -1,826.6 -77.2 9.758.5 4,899.2 4,808.3 -237.3 328.2 -373.8 2,624.4 — 1,826.6 -165.2 947.3 9.597.5 2,954.7 6,350.1 1,424.9 3,533.1 1,392.1 292.7 Dec. 1994 828.2 1,528.7 -700.4 -65.7 — -634.7 9.543.1 5,285.3 5,074.9 -76.5 286.9 -409.3 3,009.2 559.9 1,098.0 10.371.4 3,199.0 6,881.7 1,440.8 3,675.0 1,765.9 290.7 Sources: Bank of tbe Republic of Haiti; and Fund staff estimates. -161.11. Table 31. Haiti: Interest Rates After Liberalization Time deposits O»% A HUHM *• V*One month Three months C J « >ns%Tt t Vt • Lending rate Central bank refinancing Sep. .0 .0 >9 0 Dec. 22.0 M 22 ar. .0 1991 1< Jun. Sep. Dec. Mar. Jun. (In percent of annum) 19.4 18.7 17.3 16.7 17.5 22.0 22.0 22.0 22.0 22.0 »92 Sep. Dec. 3 r 11 .5 9.9 16.6 15.0 22.0 22.0 1993 Mar. Jun. Sep. Dec. 2 < M « O A 9 O .6 Z.4 Z.4 Z. 8 14.8 15.0 15.6 15.3 22.0 22.0 22.0 22.0 Mar. 13.3 22.0 1994 Jun. 15.0 22.0 Sep. 2.5 22.6 22.0 Source: Bank of the Republic of Haiti. Twelve months Saving deposits. 13.3 12.8 14.2 4.58 18.8 20.2 10.7 9.8 10.2 12.0 4.6 16.5 22.0 13.0 10.6 10.7 10.2 4.7 19.7 11.4 10.6 10.4 12.4 4.5 8.3 8.4 10.0 11.8 4.5 7.8 8.5 10.2 10.6 4.8 5.0 5.5 6.8 6.9 4.0 5.2 5.6 6.8 6.5 3.5 5.2 5.6 6.8 6.5 5.2 5.0 6.0 6.6 5.5 6.2 5.2 5.7 5.5 5.8 6.0 6.0 6.0 5.2 6.0 5.8 5.7 6.8 5.1 5.2 5.7 5.2 5.7 4.7 6.2 5.5 2.7 2.7 - 51 - Table 32. Haiti: Reserve Requirements by Category of Deposit and Institution (In percent) Time deposits Demand Savings deposits deposits November 15, 1979 to April 14, 1980 April 15, 1980 to November 9, 1980 November 10, 1980 to January 16, 1983 January 17, 1983 to March 9, 1983 March 10, 1983 to July 6, 1986 July 7, 1986 to June 7, 1987 June 8, 1987 to August 8, 1989 August 7, 1989 to December 12, 1989 December 13, 1989 to June 19, 1990 June 20, 1990 to November 9, 1990 November 10, 1990 to June 14, 1992 June 15, 1992 to January 15, 1993 January 16, 1993 to April 30, 1993 March 1, 1993 to present June 8, 1987 to August 8, 1989 August 7, 1989 to December 12, 1989 December 13, 1989 to June 19, 1990 June 20, 1990 to November 9, 1990 November 10. 1990 to June 14, 1990 June 15, 1992 1 to January 15, 1993 January 16, 1993 to April 30, 1993 March 1, 1993 to present T rv^«i-f*4al Banks 32.0 34.0 36.0 36.0 40.0 46.0 49.0 52.0 60.0 60.0 65.0 73.0 65.0 73.5 II Mortnaxe Banks — — — — — — — 32.0 34.0 36.0 32.0 32.0 38.0 38.0 40.0 43.0 43.0 43.0 48.0 43.0 46.0 24.0 24.0 22.0 21.5 21.5 24.0 21.5 23.0 Less than one year "30.0 20.0 20.0 20.0 20.0 24.0 12.0 12.0 15.0 20^0 20.0 20.0 20.0 20.0 11.0 12.0 8.0 10.0 10.0 10.0 10.0 10.0 More than one year 20.0 10.0 10.0 8.0 8.0 10.0 6.0 6.0 15.0 20.0 20.0 20.0 20.0 20.0 5.0 5.0 8.0 10.0 10.0 10.0 10.0 10.0 Source: Bank of the Republic of Haiti. - 52 - Table 33. Haiti: Reserve Position of tha Commercial Banks 1990 Fiscal Year 1991 Ending Sept^wb^r 30 1992 1993 Prel. 1994 Dec. 1994 (In millions of gourdes) Deposit liabilities I/ Actual reserves Required reserves 2/ Excess/deficiency (-) Actual reserves Required reserves 2/ Excess/deficiency (-) Government deposits held in escrow accounts 3.194.2 1,502.0 1,332.0 170.0 (In percent of 47.0 41.7 5.3 ~ 3.567.4 1,436.0 1,498.8 -62.8 4:461.1 2.043.7 1,918.3 125.4 5.917.1 2,641.2 2,543.5 97.8 6.350.1 3,183.1 2,829.9 353.2 6.881.7 3,294.9 2,970.2 324.7 deposit liabilities) 40.3 42.0 -1.8 45.8 43.0 2.8 -99.2 44.6 43.0 1.7 -240.9 50.1 44.6 5.6 -389.9 47.9 43.2 4.7 -389.9 Sources: Bank of the Republic of Haiti; and Fund staff estimates. I/ Includes adjustment for government deposits held in escrow accounts at commercial banks. 2/ Required reserves may be overstated as they include pension funds and deposits of shareholders which are not subject to required reserves. Actual reserves - 53 - Table 34. Haiti: Stannary Balance of Payments. 1990-94 Exports, f.o.b. Imports, f.o.b. Trade balance (deficit -) Services (net) Interest payments I/ Private transfers, net official grants) Grants official grants) Nonmonetary capital flows, net Loan disbursements Amortization I/ Banks, net 2/ Others 3/ Overall balance (deficit -) Financing IMF (net) Arrears build-up (+) or reduction (-) Central Bank reserve build-up (net), excluding IMF and arrears reduction Memorandum item Official grants and net concessional capital inflows 5/ Current account balance (deficit -), excluding official grants Exports of goods and services Imports of goods and services Overall balance 1990 (In millions of I 265.8 -442.6 -176.8 -104.4 -14.0 61.0 -220.2 131.9 ~as-3 48.7 74.2 -25.5 -23.1 34.0 59.6 ~?g,7 2L2 -12.3 4/ 3.2 37.4 186.6 (In percent -10.2 14.7 -27.1 -1.3 Fiscal Y< 1991 J.S. dollars) 202.0 -448.6 -246.6 -110.9 -10.2 69.5 -288.0 164.7 -123.3 28.5 43.4 -14.9 -16.2 123.8 136.1 12^8 -»,* -4.6 11.8 -20.0 202.7 of GDP) -12.9 11.6 -27.0 0.6 lar Ending Sc 1992 75.6 -214.1 -138.5 -57.9 -10.4 70.0 -126.4 85.0 -*1.4 -10.9 0.5 -11.4 -12.6 60.0 36.5 Zi^ 4,9 -1.3 17.6 -11.3 85.5 -6.9 6.1 -16.3 -0.3 ipt* fitter 30 1993 81.6 -266.6 -185.0 -66.3 -10.6 73.4 -177.9 100.0 -15.3 0.0 -15.3 -30.6 112.7 66.8 ~11.1 iU: -11.9 42.1 -19.1 100.0. -11.4 7.6 -23.2 -0.7 1994 57.4 -141.2 -83.8 -68.3 -10.1 42.9 -109.2 113.3 1JL -12.4 0.0 -12.4 -5.5 -22.5 -40.4 -36.3 36.3 -13.4 36.9 12.8 113.3 -6.9 4.0 -12.9 -2.3 Sources: Data provided by the Haitian authorities; and Fund staff estimates. I/ Reflect the impact of unilateral decision by France and the United States to grant US$50 and US$113 million in debt cancellation. 2/ Change in commercial banks' net foreign assets. 3/ Includes direct investments, foreign currency deposits of public enterprises abroad, and errors and omissions. 4/ Includes arrears vis-a-vis the Fund. 5/ Includes IMF Trust Fund. Current account balance (deficit -), Current account balance (deficit -), Current account balance (deficit -), -77.9 - 54 - Table 35. Haiti: Net International Reserves, 1990-94 (In pillions of U.S. dollars at end of period) Net foreign assets Official reserves (net) I/ Assets 2/ Gold Liquid assets Other assets Liabilities Arrears Of which: IMF Liabilities to the Fund 3/ Other Assets Liabilities Gross official reserves in weeks of imports, c.i.f. Official reserves (net), excluding external arrears 1990 "-35.3 "54 1 6 12.7 6.7 0.3 5.8 67.3 12.5 0.0 37.5 17.6 33.8 14.6 1.3 -42.1 Fiscal Ye 1991 ^8 ~*?T3 24.7 6.3 16.4 2.0 67.0 24.3 0.0 33.1 9.6 35 5rr ij 36.8 1.3 4.6 180.0 ar Fndinjc S 192592 tLl -»?T3 37.9 6.3 26.2 5.4 85.2 41.9 4.4 381.8 11.5 48 1 483.3 0.2 5.7 -5.44 •ept^fliKflr 30 19933 20.33 -58.5 50.55 6.5 40.0 4.1 109.1 84..0. 17..3 20.0 5.1 78 8 79.4 0.6 314.3 25.5 i 1994 10,7 -95.0 37.7 6.6 25.0 6.1 132.7 121.0 34.4 6.6 . 5.1 84.3 0.1 4.9 26.0 D.ec. 1994 63^ IZJL 54.5 6.6 36.7 11.2 56.9 46.5 — 5.3 5.1 66 1 66.1 8.6 43.9 Sources: Bank of the Republic of Haiti; and Fund staff estimates. I/ Bank of the Republic of Haiti. 2/ Includes BRH's foreign asset holdings in domestic banks, but excludes US$12 million which were transferred from a BRH deposit account at the Fed to an exile government account at Riggs Bank. 3/ Excluding arrears. 84. Net foreisn assets of commercial banksanks Memorandum items 19.3 - 55 - Table 36. Haiti: Foreign Trad* Selected Economic Indicators, 1990-94 (1987 - 100) Exports Value index Annual change in percent Price index, Laspeyres Annual change (in percent) Volume index, Paaache Annual change (in percent) Share of traditional exports Imports Value index (f.o.b.) Annual change (in percent) Value index, c.i.f. Annual change (in percent) Nonfood imports, c.i.f. Value index Annual change (in percent) Price index, Laspeyres Annual change (in percent) Volume index, Paaache Annual change (in percent) Terms of trade index, Laspeyres Annual change (in percent) 1990 133.0 32.9 101.5 -1.4 131.0 34.7 10.1 148.0 72.7 147.0 71.5 180.6 117.6 109.4 8.3 165.0 100.9 92.8 -8.9 1991 101.1 -24.0 102.3 0.7 98.8 -24.6 13.5 150.0 1.3 153.5 4.4 164.0 -9.2 110.0 0.5 149.1 -9.7 93.0 0.2 1992 37.8 -62.6 101.1 -1.2 37.4 -62.1 19.4 71.6 -52.3 80.8 -47.3 45.9 -72.0 118.6 7.9 38.7 -74.0 85.2 -8.4 1993 40.8 7.9 103.6 2.5 39.4 5.3 14.7 89.1 24.5 100.7 24.5 72.8 58.4 116.4 -1.9 62.5 61.5 89.0 4.4 1994 28.7 -29.7 106.5 2.8 27.0 -31.6 20.9 47.2 -47.1 53.3 -47.1 40.8 -43.9 121.3 4.2 33.7 -46.2 87.8 -1.3 Sources: Tables 37 and 40; and Fund staff estimates. - 56 - Table 37. Haiti: Composition of Exports (f.o.b.), 1990-94 Fiscal Year Endin& SOP Total exports, f.o.b. Agricultural exports Coffee Sisal and sisal strings Sugar Cocoa Essential oils Lijtht manufactures Domestic inputs Imported inputs Other items Memorandum item Exports, f.o.b. (customs/BRH) Agricultural exports Light manufactures Others Total axpjrtf Agricultural exports Light manufactures 1990 (Jn millions of U S 265,8 ?*•* 15.3 5.6 3.7 1.9 0.4 133 1 7 21.9 111.8 105.3 160.3 (In percent of total 10.1 50.3 39.6 (Annual percentage -32.9 -45.5 -3.8 199.1 dollar.s 202.0 27.2 16.3 4.1 3.3 1.2 2.4 128.9 15.7 113.1 46JD 166.6 exports) 13.5 63.8 22.7 changes ) -24.0 1.4 -3.6 1992 75.6 14.7 10.2 1.7 0.0 2.2 0.6 55.2 8.1 47.1 III 73.4 19.4 73.0 7.6 -62.6 -46.0 -57.2 tember 30 1993 81.6 12.0 8.5 1.4 0.0 1.7 0.4 66.9 13.5 53.4 ZJL 88.3 14.7 82.0 3.3 7.9 -18.4 21.2 1994 57.4 12.0 7.7 1.1 0.0 1.0 2.2 44.4 6.8 37.6 0.95 52.2 20.9 77.4 1.7 -29.7 0.2 -33.6 Sources: Bank of the Republic of Haiti (BRH); U.S. Department of Commerce; and Fund staff estimates. - 57 - Table 38. Haiti: Exports of Light Manufactures to the United States 37 (In million of U.S. dollars) Total value exported 2/ A Products from domestic materials Textiles: yarns, fabrics and manufactures Wood manufactures Leather manufacturers Other B Products from imported materials 3/ Textiles, auoarel. etc. Wear, apparel, accessories, and articles made from fur Travel goods, handbags, and similar articles Footwear, excluding military and orthopedic Machinery and electronics Electrical machines and equipment Professional, scientific, and control instruments Other machinery Miscellaneous manufactures Sports goods, toys and other similar products Articles of rubber and plastic Other manufactures 1990 246.5 21.90 11.30 1.73 8.80 0.07 224 . 6 119.38 108.04 9.64 1.70 61.57 46.09 14.87 0.61 43.65 33.77 8.02 1.86 1991 263.76 15.68 2.97 2.37 6.01 4.33 248.08 176.61 169.65 4.09 3.07 35.03 34.58 0.45 36.44 31.86 4.17 0.41 1992 107.91 8.14 1.72 1.46 4.30 0.66 99.77 77.37 75.45 1.64 0.28 8.06 7.60 0.46 14.34 12.05 1.55 0.74 1993 151.84 13.48 2.48 1.75 7.62 1.63 138.36 109.63 107.71 1.92 11.02 8.57 2.45 17.71 13.97 1.70 2.04 1994 84.85 6.79 1.46 0.5 2.4 2.43 78.10 Sources: Bank of the Republic of Haiti; and Fund staff estimates. \l Calendar years. 2/ Exports to the United States represent about 90 percent of Haiti's light manufacturing exports. 3/ Only domestic value added is included as exports in the balance of payments tables. - 58 - Table 39. Haiti: Principal Commodity Exports, 1990-94 Total value %J Coffee Value Volume 2/ Unit price 3/ Value Volume Unit price Sugar Value Volume Unit price Cocoa Value Volume Unit price Essentij^,,,, oils Value Volume Unit price and unit value in USS/kg. 1990 15.30 161.20 94.91 5.5.7 6.35. 0.88. 3.74 4.00 0.94 1.8.5 1.90. 0.97. 0.38 0.01 29.23 unless otherwise Fiscal Yi 1991 27.2 16.28 175.00 93.03 4.1.2 6.16. 0.67. 3.266 7.800 0.422 1.616 1.403 0.833 2.40 0.08 29.27 specified) iar Ending 1992 10.21 143.33 71.233 1.700 4.000 0.433 0.000 0.000 0.000 2.18 2.90 0.575 0.858 0.02 295.15 Sopter^Kcr 30 1993 12.00 8.46. 136.83 61.833 1.4.4 3.30. 0.44. 0.000 0.00 0.00 1.711 3.011 0.577 0.377 0.011 29.29 1994 12.00 7.72 108.00 71.488 1..08 2..54 0.4.3 0.000 0.000 0.000 0.97. 1.84. 0.53. 2.244 0.088 29.28 Sources: Bank of the Republic of Haiti; and Fund staff estimates. \/ Some value figures may not be equal to the product of volume and unit value because of rounding. 2/ In 1,000 of 60 kilogram bag. 3/ U.S. dollars per 60 kilogram bag. (Value in millions of U.S. dollers, volume in thousand tons. 26.8 14.7 Sisal and sisakl strings - 59 - Table 40. Haiti: Composition of Imports (c.i.f.), 1990-94 Total Food and others I/ Of which: food Fuel and lubricants Of which: petroleum and derivatives Machines and transportation Raw materials Manufactured goods Other imports Food and others Fuel and lubricants Machines and transportation Raw materials Manufactured goods Other imports 1990 (In millions of 505.5 134.4 63.2 70.8 68.2 48.6 8.0 19.4 224.3 (In percent 26.6 14.0 9.6 1.6 3.8 44.4 1991 U.S. dollars) 527.8 190.8 83.5 61.3 54.8 63.8 6.4 16.1 189.4 of total) 36.0 11.6 12.1 1.2 3.0 35.9 Estimate 1992 278.0 183.6 131.6 61.1 58.6 24.3 2.1 6.8 0.2 66.0 22.3 8.7 0.1 2.4 -- 1993 346.2 196.6 144.0 70.7 58.8 21.5 4.0 8.3 45.1 56.8 20.4 6.2 1.2 2.4 1.3 Prel. 1994 183.3 99.4 67.0 46.2 43.2 7.7 2.5 7.6 19.8 54.2 25.2 4.2 1.4 4.1 10.8 (Annual i>ercentaice chanite) Total Food and others Fuel and lubricants Machines and transportation Raw materials Manufactured goods ~nts 8.2 27.6 -9.2 17.9 -26.9 ±± 42.0 -13.4 31.3 -20.7 -16.8 _A7.3 -3.8 -0.3 -62.0 -37.7 -48.3 24JL 7.1 15.7 -11.3 19.8 11.7 .7. -49.4 -34.6 -64.1 708.1 484.5 Sources: Bank of the Republic of Haiti; U.S. Department of Commerce; and Fund staff estimates. I/ Includes beverage, oils and fats, and pharmaceutical products. - 60 - Table 41. Haiti: Official Grants, 1990-9A I/ CIn million of U.S. dollars) Fiscal Year Ending September 30 Total Grants to government entities Bilateral donors Canada France Germany Japan United States Switzerland Taiwan Multilateral donors European Union UNDP WHO WFP UNICEF Others Grants to nongovernment entities United States NGOs Humanitarian aid Grants to government entities 1990 131,9 75^2 56.4 7.7 12.1 5.0 11.1 17.5 2.0 1.0 18.8 0.0 9.5 2.8 2.5 2.0 2.0 56.7 47.7 9.0 0.0 75.2 1991 164.7 96.0 68.2 9.9 15.8 5.0 15.0 18.0 2.0 2.5 27.8 8.0 10.0 2.8 2.5 2.0 2.5 68 7 38.0 30.7 86.1 96.0 1992 85^0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85.0 23.5 61.5 85.0 0.0 1993 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 100.0 19.5 80.5 100.0 0.0 1994 113.3 __ 1.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 112.3 20.1 92.2 113.3 1.0 Sources: U.S. Monitoring Report (September 1994); and Fund staff estimates. I/ Beginning 1992, all official grants were channelled to Haiti through NGOs. Humanitarian aid - 61 - Table 42. Haiti: Loan Disbursements. 1990-94 Fiacal Year Ending SeptfntHer 30 Total Official borrowing Bilateral United States France Multilateral IDA/IBRD IDB OPEC Fund Commercial borrowing Suppliers' credit Publicly guaranteed Other 1990 Zitl 1L2 19.1 0.0 19.1 35.. 22.9 12.7 0.0 19.5 0.0 0.0 19.5 1991 A3^A 38.0 12.4 0.0 12.4 25.6 10.8 14.8 0.0 5.4 5.4 0.0 0.0 1992 0^5 1LZ 0.0 0.0 0.0 0.5 0.3 0.2 0.0 0.0 0.0 0.0 0.0 1993 5^0 0^0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1994 o^o 0*2 0.0 0.0 0.0 0.0 0..0 0.0 0.0 0.0 <!• I • I 0.0 0.0 0.0 Sources: Donors1 information; and Fund staff estimates. (In millions of U.S. dollars). - 62 - Table 43. Haiti: Stock of External Debt, 1990-94 Fiscal Year Ending September 30 Total Medium- and long-term debt Bilateral creditors Of which: USA i/ France \i Others Multilateral creditors IBRD/IDA IMF and IMF Trust Fund IDB OPEC Special Fund Other debt 2/ Short-term Arrears 3/ Total Medium- and long-term debt Bilateral creditors Of which: USA I/ France I/ International organizations IBRD/IDA IMF & IMF Trust Fund IDB OPEC Special Fund Other debt 2/ Short term Arrears 3/ 1990 CIn millions of U S 850.8 821.1 268.7 149.0 66.4 53.3 552.4 335.0 37.5 175.0 4.9 28.9 16.4 12.5 (In percent of aLi 27.5 9.0 5.0 2.2 18.5 11.2 1.3 5.9 0.2 1.0 0.6 0.4 1991 dollars) 837.0 803.0 235.1 149.0 28.3 57.8 567.9 340.1 33.1 187.6 7.1 34.0 9.7 24.3 GDP) 25^6 24.5 7.2 4.5 0.9 17.3 10.4 1.0 5.7 0.2 1.0 0.3 0.7 1992 845.5 793.9 234.7 148.6 28.3 57.8 559.3 337.3 31.8 183.8 6.4 51.6 9.7 41.9 44^7 42.0 12.4 7.9 1.5 29.6 17.8 1.7 9.7 0.3 2.7 0.5 2.2 1993 862.9 769.2 230.3 144.2 28.3 57.8 538.9 333.4 20.0 179.8 5.7 93.2 9.7 83.5 54^7 48.8 14.6 9.1 1.8 34.2 21.6 1.3 11.4 0.4 5.9 0.6 5.3 1994 865.8 735.2 219.9 144.1 17.3 57.8 516.0 330.6 6.6 173.7 5.1 130.6 9.7 121.0 53L4 45.3 13.5 8.9 1.1 31.8 21.0 0.4 10.7 0.3 8.1 0.6 7.5 Sources: Data provided by the Bank of the Republic of Haiti (BHR); and Fund staff estimates. I/ After debt cancellation in 1991. 2/ Excludes overdue suppliers' credits in dispute ("dette en litige"). 3/ Includes arrears to the Fund. - 63 - Table 44. Haiti: External Public Debt Indicators, 1990-94 1990 Fiscal Year Ending September3 1991 1992 1994 (In par cent) Debt service ratios To exports of xoods and services Interest payments Amortization To exports of xoods services and private transfers Interest payments Amortization To public sector receipts Interest payments Amortization To GDP Interest payments Amortization External public debt ratio to GPP ^/ Multilateral and bilateral agencies Of which: IMF 2/ Commercial debt 3/ Effective interest rate on total external public debt ,4/ Total external public debt GDP Exports of goods and services Exports of goods, services, and private transfers Public sector receipts 5/ 15.9 4.3 11.6 13.4 3.6 9.8 ILJ* 4.2 11.2 JLZ 0.5 1.3 2L1 25.6 1.3 1.7 1*2 ( In mi llions o 821.1 2,981.4 324.9 385.9 336.0 11.2 3.9 7.4 8.9 3.1 5.8 9^4 3.2 6.2 0*9 0.3 0.6 2^5 22.8 1.0 1.7 1*1 if U S dollars) 803.0 3,275.0 261.6 331.2 312.8 20.2 9.1 11.1 12.5 5.6 6.9 1L1 7.9 9.7 1*2 0.6 0.7 42.0 39.0 1.7 3.0 1*3 793.9 1,891.7 115.1 185.1 131.6 31.6 8.8 22.8 lit! 5.5 14.1 25,5 7.1 18.4 2*4 0.7 1.7 48J 45.2 1.3 3.5 1^ 769.2 1,576.6 119.4 192.8 147.8 56.1 15.9 40.2 33L6 9.5 24.1 25.9 7.4 18.6 2^2 0.6 1.6 45^3 41.9 0.4 3.4 1^ 735.2 1,622.4 64.2 107.1 139.0 Sources: Tables 34, 43, and 45. \/ Includes concessional and commercial public debt, officially guaranteed debt, and liabilities of the BRH including use of Fund resources. 2/ Trust Fund plus outstanding purchases, including SAF and ESAF. 37 Includes officially guaranteed debt. 4/ Interest payments over average outstanding debt during the fiscal year. .57 Defined as exports receipts surrender to the BRH plus foreign assistance to the Government. Memorandum items 1993 Table 45. Haiti: Scheduled Debt Service, 1990-94 Fiscal Year End in* September 30 Total scheduled payments Interest Bilateral creditors United States France Others I/ Multilateral creditors IMF IBRD/IDA IDB OPEC Fund/FIDA Amortization payments Bilateral creditors United States France Others I/ Multilateral creditors IMF IBRD/IDA IDB OPEC Fund/FIDA 1990 £It8 li.0 4.3 2.6 0.3 1.4 9.7 4.1 2.5 3.1 0.0 37.8 19.5 0.9 2.1 16.5 18.4 12.3 1.1 4.5 0.5 1991 29,4 10^2 2.0 1.2 0.5 0.3 8.1 2.7 2.7 2.7 0.0 12^1 8.7 1.2 — 7.5 10.6 4.4 1.4 3.5 1.3 1992 23.2 10.4 1.8 1.3 — 0.5 8.6 2.8 2.5 3.3 0.1 12,7 4.1 0.4 — 3.7 8.6 1.3 2.8 3.7 0.7 1993 37.7 10.6 1.6 1.2 — 0.4 9.0 2.5 2.5 3.5 0.5 2LJ 6.8 4.4 — 2.4 20.4 11.9 3.9 4.0 0.7 1994 36.0 10,2 0.4 0.1 — 0.3 9.8 2.2 3.6 3.7 0.3 25,8 2.9 0.1 — 2.8 22.9 13.4 2.8 6.1 0.6 Sources: Data provided by the Bank of the Republic of Haiti; and Fund staff estimates. I/ The main creditors are Venezuela, Argentina, and Canada. - 64 - (In millions of U.S.dollars - 65 • Tabla 46. Haiti: Stock of External Arrears, 1990-94 Cln millioni of U.S. dollar!) Total Multilateral creditors IDB World Bank/IDA IMF Other (OPEC, FIDA) Bilateral creditors USAID EXIMBANK— USA USA— FMS Mexico (PEMEX) Venezuela (FIV) Canada (Wheat Board) China (EXIMBANK— Taipei) Argentina Fiscal 1990 1991 12.4 24.2 — — — — — 24.4 0.9 8.1 — 0.7 — 1.8 — 12.4 12.8 Year ^pdilff SeDtet 1992 418 11.8 6.7 1.8 2.5 0.8 30.0 0.9 9.5 0.1 0.7 1.5 4.2 0.4 12.8 ober 30 1993 83iJt 45.6 17.6 8.7 17.3 2.0 37.8 3.3 11.9 0.3 0.7 2.5 5.4 1.0 12.8 1994 120.9 79.8 27.4 15.1 34.4 2.9 41.0 3.4 11.9 0.3 0.7 4.1 5.4 2.5 12.8 Sources: Bank of the Republic of Haiti (BRH); World Bank; and Fund staff estimates.