(2014-10) Budget Annex 2014-2015: Statement of Motives and Macroeconomic Framework

MEF • 2014

Summary — This Moniteur special issue publishes the budget annex documents for Haiti's FY2014-2015 finance law, comprising the Statement of Motives (Expose des motifs) and the Macroeconomic Framework prepared by MEF. It sets out the FY2014-2015 budget of 122.64 billion gourdes, its financing mix, and the macroeconomic outlook underpinning it.

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Key Findings

FY2014-2015 total budget resources of 122.64 billion gourdes, up 3.96 billion from FY2013-2014.
Domestic revenue projected at 60.1 billion gourdes, raising its share of the budget to 49% (from 43% in 2013-2014).
Real GDP growth targeted at 4.6% for 2014-2015 versus an estimated 3.6% in 2013-2014.
Overall fiscal deficit projected to widen to about 7% of GDP in 2014 before narrowing to around 5% in 2015.
Debt amortization rises 43.74% to 3.73 billion gourdes with the start of PetroCaribe loan repayments.
Gourde depreciated from 43.02 to 44.71 per US dollar between March 2013 and March 2014 (+4%).

Full Description

Published as a special issue of Le Moniteur (No. 3, 1 October 2014), this document contains the two annexes accompanying Haiti's FY2014-2015 Finance Law: the Statement of Motives, which frames the budget within the PSDH's four 'refondations' (economic, territorial, social, institutional) and the priorities of education, environment, employment, rule of law and energy; and the Macroeconomic Framework, prepared by MEF's economic studies directorate, which reviews the international environment, recent domestic macroeconomic and fiscal developments through April 2014, and the outlook for FY2014-2015. Total budget resources reach 122.64 billion gourdes (up ~3.96 billion from FY2013-2014), with domestic revenue projected at 60.1 billion gourdes (49% of the budget, up from 43% in 2013-2014) and external grants falling to 30.46 billion gourdes. Current expenditure is set at 51.38 billion gourdes (+10.58%) and public investment at 66.6 billion gourdes (-3.02%), while debt amortization rises 43.74% to 3.73 billion gourdes on the start of PetroCaribe loan repayments. The macroeconomic framework projects FY2014-2015 real GDP growth of 4.6%, up from an estimated 3.6% in FY2013-2014 (against 4.3% in FY2012-2013), annual-average inflation contained within 7% and around 6.2% year-on-year, and a tax-to-GDP ratio near 13%. The overall fiscal deficit is projected to move from 6.3% of GDP in 2013 to about 7% in 2014 and around 5% in 2015. The document also reports FY2013-2014 outturns through April: domestic revenue of 19.7 billion gourdes (Oct-Apr, +13% y/y), a cash-basis overall deficit of 3.3 billion gourdes, year-on-year inflation of 3.5% in April 2014 (down from 7.3% in April 2013), gross international reserves near 4.7 months of imports, and gourde depreciation from 43.02 to 44.71 per US dollar between March 2013 and March 2014.

Topics

Geography

Time Coverage

2012-01 — 2015-01

Keywords

budget 2014-2015, MEF, cadre macroeconomique, expose des motifs, PSDH, deficit budgetaire, PetroCaribe, croissance economique, gourde, IHSI

Entities

MEF, IHSI, BRH, FMI, PSDH, PetroCaribe, EPOWER

Notes

Cover date is 1 October 2014 (Le Moniteur special issue No. 3); used as the publication month since the two annexes carry no separate dated cover page. Figures drawn from front-matter narrative and macro tables (pages 1-15 of the PDF); the document also contains a fuller budgetary-framework section (Section III onward) not summarized here for length.