Economic and Financial Governance Pact: Memorandum of Understanding on the Management of Public Expenditure Execution, Fiscal Year 2023-2024
Summary: Memorandum of understanding signed on 12 December 2023 by minister Michel Patrick Boisvert for the MEF and governor Ronald Gabriel for the BRH, covering 1 October 2023 to 30 September 2024. It caps BRH advances at the monetary financing in the 2023-2024 budget, 25,450,268,833 gourdes, and charges any excess at the 91-day BRH bill rate.
Key Findings
- Signed 12 December 2023; runs from 1 October 2023 to 30 September 2024 (Article 9).
- Quarterly BRH advances must stay within the budget's monetary financing of 25,450,268,833 gourdes: 1,450,268,833 for the IMF debt cancellation line and 24,000,000,000 as a BRH loan (Article 4).
- Any overrun of the ceiling in the budget decree of 28 September 2023 is charged at the 91-day BRH bill rate (Article 4).
- At the end of the fiscal year advances are exchanged for securities, after negotiation, with a term set by the Treasury's capacity to repay (Article 4).
- Advances are limited to essential spending, wages first, and the BRH will not honor other ordered payments without prior agreement (Article 3).
- A compensation fund holds resources matching unpaid commitments of the closed fiscal year (Article 8).
How to cite
Ministry of Economy and Finance (MEF); Bank of the Republic of Haiti (BRH), Economic and Financial Governance Pact: Memorandum of Understanding on the Management of Public Expenditure Execution, Fiscal Year 2023-2024, https://budget.gouv.ht/storage/app/uploads/public/658/47c/814/65847c814459d257636089.pdf
- Rights holder
- Government of Haiti