(2025-02) Synthesis note, state of public finances as of 28 February 2025

Ministry of Economy and Finance (MEF) • 2025 • 4 pages

Summary — MEF monthly synthesis note on the five-month cumulative fiscal outturn for FY2024-2025 (October 2024 to February 2025). Current revenue reached 84.6 billion gourdes (up 8 percent year on year) against total expenditure of 61.5 billion gourdes (up 9 percent), leaving an overall balance (commitment basis) of about 23.1 billion gourdes, up from about 22.2 billion gourdes a year earlier.

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Key Findings

Current revenue reached 84.6 billion gourdes through February 2025, up 8 percent year on year, equivalent to 94 percent of both the 90.3 billion gourdes period target and the 90 billion gourdes first-semester SMP target.
Total expenditure rose 9 percent to 61.5 billion gourdes over October 2024 to February 2025, versus 56.4 billion gourdes a year earlier, with the wage bill at 33.6 billion gourdes (up 8 percent).
Customs revenue rose 5.3 percent to 29.7 billion gourdes (35 percent of total collections) while excise duties, driven by petroleum taxation, rose 92 percent.
Domestically financed capital expenditure rose from 1.7 to 1.8 billion gourdes, of which 1.4 billion gourdes went to the public investment program and 410 million gourdes to machinery and equipment.
Social spending across four ministries totaled about 16.9 billion gourdes as of end-January 2025 (85 percent of the first-semester SMP target of 19.9 billion gourdes), with MENFP executing 12 billion gourdes, 71 percent of its allocation.

Full Description

This MEF synthesis note reports on the Table of Government Financial Operations (TOFE) for the first five months of Haiti's FY2024-2025 (October 2024 to February 2025). The note describes a moderate improvement in the overall balance on a commitment basis, at about 23 billion gourdes against about 22.2 billion gourdes a year earlier, with expenditure growing 9 percent (5.1 billion gourdes) slightly faster than revenue growth of 8 percent (6 billion gourdes). Tax and customs administrations collected about 84.6 billion gourdes, equivalent to 94 percent of the period's 90.3 billion gourdes collection target and 94 percent of the 90 billion gourdes first-semester target under the IMF Staff-Monitored Program; domestic revenue rose 9 percent to 54.8 billion gourdes (65 percent of the total) and customs revenue rose 5.3 percent to 29.7 billion gourdes (35 percent), with excise duties up 92 percent on petroleum tax performance. Current expenditure represented 97 percent of the total, growing 9 percent year on year against a 6 percent rise in investment spending; the accompanying summary table (Résumé des Finances Publiques) shows total expenditure of 61,540 million gourdes for October 2024 to February 2025 against 56,421 million gourdes a year earlier (up 9 percent), with the wage bill at 33,618 million gourdes (up 8 percent). Domestically financed capital expenditure rose from 1.7 billion gourdes to 1.8 billion gourdes, of which 1.4 billion gourdes went to the public investment program and 410 million gourdes to machinery and equipment. Social spending across four ministries totaled about 16.9 billion gourdes as of end-January 2025, representing 85 percent of the first-semester SMP target of 19.9 billion gourdes, with MENFP executing 12 billion gourdes (71 percent of its allocation). The Treasury issued 74.5 billion gourdes in treasury bills and repaid 58.5 billion gourdes, a 123 percent rise in net issuance over the prior year.

Topics

Geography

Time Coverage

2024-10-01 — 2025-02-28

Keywords

public finance, budget execution, fiscal, MEF, Treasury, TOFE, revenue, expenditure, deficit, social spending, IMF SMP, series:mef-situation-fp-note

Entities

MEF, Ministère de l'Économie et des Finances; Trésor Public

Full Document Text

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(2025-02) Synthesis note, state of public finances as of 28 February 2025

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