(2025-10) Annexes to the FY2025-2026 General Budget: Statement of Reasons and Macroeconomic Framing Note

MEF • 2025

Summary — Published as Le Moniteur Special No. 62-A (10 October 2025), this annex to Haiti's FY2025-2026 General Budget presents the government's statement of reasons and its 2025-2028 macroeconomic framing note. It sets the budget at 345.5 billion gourdes, up 6.82% from the April 2025 revised FY2024-2025 budget, and lays out the strategic priorities and macro assumptions underpinning it.

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Key Findings

FY2025-2026 budget totals 345.51 billion gourdes on both revenue and expenditure sides, a 6.82% increase over the revised FY2024-2025 budget (April 2025).
Projected real GDP growth of only 0.3% and end-of-period inflation of 23.4% for FY2025-2026.
Fiscal pressure (tax-to-GDP) expected to fall to 4.3% in FY2025-2026 before a targeted rebound from FY2026-2027.
Overall deficit of 31.94 billion gourdes financed via net Treasury bill issuance (29.2-29.3 billion gourdes) and budget support (2.7 billion gourdes), with zero net monetary financing.
Key risks flagged: possible USAID withdrawal (critical for health financing), non-renewal of HOPE/HELP law, loss of control over Malpasse and Belladere border posts threatening customs revenue.

Full Description

This special issue of Le Moniteur (No. 62-A, 10 October 2025) publishes the annexes to Haiti's FY2025-2026 General Budget decree, signed off by the Conseil Presidentiel de Transition. The statement of reasons frames the budget around seven strategic axes: restoring public security (now treated as a factor of production), organizing general elections and restoring democratic legitimacy, targeted regional economic recovery, strengthening the rule of law and anti-corruption efforts, food security and access to basic social services, fiscal and budgetary modernization, and macroeconomic stabilization. It sets out the budget's grand totals (voies et moyens/depenses totales of 345.51 billion gourdes each), details financing sources including net Treasury bill issuance of 29 billion gourdes and zero net monetary financing, and flags key risks: political uncertainty around the electoral year, potential USAID withdrawal (critical for health-sector financing), non-renewal of the HOPE/HELP law, climate hazards, and loss of control over the Malpasse and Belladere border posts undermining customs revenue. The accompanying Note de Cadrage Macroeconomique 2025-2028 provides the technical macro framework behind the budget, projecting FY2025-2026 real GDP growth of 0.3%, end-of-period inflation of 23.4%, and an expected fiscal pressure (tax-to-GDP ratio) of 4.3%, a decline from 2024-2025, with a stated objective to rebuild fiscal pressure starting in FY2026-2027. The note situates these projections within a review of Haiti's economic evolution from FY2018-2019 through FY2023-2024 and the 2024-2025 situation across the real sector, public finances, external sector and exchange rate, and monetary policy, before presenting the medium-term macroeconomic framework.

Topics

Geography

Time Coverage

2025-10 — 2028

Keywords

budget general, exercice fiscal 2025-2026, expose des motifs, cadrage macroeconomique, MEF, deficit budgetaire, pression fiscale, bons du Tresor, Le Moniteur, croissance PIB

Entities

MEF, Conseil Presidentiel de Transition, CEP, PNH, FAD'H, BSAP, AGD, MMAS, MENFP, BRH, USAID, FMI

Notes

Only front matter, statement of reasons, and table of contents of the Note de Cadrage Macroeconomique were read (pages 1-8 of a much longer document); the full macro note (sections I-V, medium-term framework) was not read in detail, so summaries and key figures are drawn from the statement of reasons and the general budget balance table, not the full body of the cadrage note.