Haiti Staff-Monitored Program
Summary: This IMF country report discusses Haiti's staff-monitored program (SMP) approved in August 2003. The SMP aims to consolidate economic stabilization, initiate structural reforms in the public and banking sectors, and establish a track record for a potential PRGF-supported program.
Key Findings
- Haiti's economy is in a critical situation with widespread poverty and declining real incomes.
- The SMP aims to cut the fiscal deficit by about half, from 5.5% to 2.7% of GDP.
- Monetary policy aims at reducing inflation and stabilizing the exchange rate.
- Governance measures focus on strengthening transparency and accountability in the public sector.
- A plan for the clearance of external arrears is being developed.
Full Description
The Staff-Monitored Program (SMP) for Haiti focuses on consolidating economic stabilization initiated earlier in 2003 and initiating key structural reforms in the public and banking sectors. The program aims to cut the fiscal deficit from 5.5% of GDP to 2.7% by reducing central bank financing and discretionary spending. It also includes measures to improve governance, strengthen transparency, and prepare for the clearance of external arrears, with the goal of establishing a track record for a potential PRGF-supported program and full donor re-engagement.
How to cite
International Monetary Fund (IMF), 2003, Haiti Staff-Monitored Program, https://www.imf.org/external/pubs/ft/scr/2003/cr03260.pdf