(2023-09) Budget Annex: Statement of Reasons and Macroeconomic Framework, FY2023-2024

MEF • 2023

Summary — Official annex to Haiti's FY2023-2024 General Budget, published in Le Moniteur (Special No. 25-A, 29 September 2023), containing the MEF's statement of reasons, the state financial operations table (TOFE), and the 2023-2026 macroeconomic framework. Total budget resources are set at 320.6 billion HTG with a 1.8% of GDP deficit target, down from 1.9% in FY2022-23.

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Key Findings

FY2022-23 real GDP contracted an estimated 1.5% (5th consecutive contraction year) versus an initial +0.3% forecast.
Year-on-year inflation reached 39.8% at end-July 2023, expected to end FY2022-23 near 30%.
FY2023-2024 budget targets +0.7% real GDP growth, 16.2% end-period inflation, and narrows the deficit to 1.8% of GDP (from 1.9%).
Total budget resources for 2023-2024 set at 320.6 billion HTG (60.1% domestic); total expenditures (excl. debt amortization) at 283.21 billion HTG, up 19.5%.
BRH monetary financing programmed to fall to 24 billion HTG in 2023-2024 from 33 billion in 2022-2023.

Full Description

This is the statutory annex to Haiti's FY2023-2024 (October 2023-September 2024) General Budget Law, published by the Ministry of Economy and Finance (MEF) in Le Moniteur, Special Issue No. 25-A of 29 September 2023. The document opens with the MEF's statement of reasons, reviewing FY2022-2023 execution: real GDP contracted an estimated 1.5% (a fifth consecutive year of contraction) against an initial forecast of +0.3%, driven by fuel shortages through mid-November 2022 and intermittently through March 2023, a cholera resurgence, gang violence and internal displacement, and US immigration-parole measures. Year-on-year inflation reached 39.8% at end-July 2023 (41.5% imported, 38.6% local goods), with budget execution at 60% and BRH financing at only 38% of the programmed ceiling. For FY2023-2024 the government targets three priorities (security, election financing, growth) with projected real GDP growth of +0.7%, end-period inflation of 16.2%, a fiscal pressure ratio of 5.6% of GDP, and a budget deficit narrowed to 1.8% of GDP (from 1.9%). Total budget resources are set at 320.6 billion HTG, 60.1% from domestic sources; fiscal and non-fiscal revenues are projected at 192.8 billion HTG versus 164.06 billion in 2022-2023. Total expenditures (excluding debt amortization) are projected at 283.21 billion HTG, up 19.5%, with wages and salaries rising to 82.28 billion HTG (+4.7%) and public investment reaching 120.9 billion HTG. The annex includes the full Tableau des operations financieres de l'Etat (TOFE) for FY2022-2023 and FY2023-2024 and a MEF macroeconomic framework table (Cadre macroeconomique 2023-2026, version 17 September 2023) with historical data from 2020/21 and projections through 2025/26, covering real GDP growth, the GDP deflator, CPI, revenue and expenditure ratios to GDP, and net domestic and BRH financing.

Topics

Geography

Time Coverage

2020 — 2026

Keywords

budget general, exercice fiscal 2023-2024, MEF, cadre macroeconomique, TOFE, deficit budgetaire, inflation, croissance economique, pression fiscale, financement BRH

Entities

MEF, MPCE, IHSI, BRH, PUMARSGV, EdH, PRIPS, PIP, FMI

Notes

Cover masthead (Le Moniteur, Special No. 25-A) is dated Vendredi 29 Septembre 2023; the macroeconomic framework table itself carries an internal 'Version: 17 septembre 2023' date. Used the masthead publication date (2023-09) for the title prefix. Full document is much longer than the 8 pages read (only front matter, statement of reasons, macro framework and TOFE tables were reviewed); detailed sectoral/ministerial annex tables further in the PDF were not reviewed, so this enrichment covers the exposed-motifs and macro-framework sections only.