(2024-12) Analytical summary of the state of public finances

MEF - Ministère de l'Économie et des Finances • 2024

Summary — This report from the Ministry of Economy and Finance analyzes Haiti's public finance situation for October-November 2024. It highlights a 10% decrease in current revenues and a modest 1% reduction in total expenditures, primarily due to a significant drop in investment spending. Global financing, however, saw a substantial increase, driven by Treasury bond emissions.

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Key Findings

Current revenues decreased by 10% year-on-year, primarily due to an 8% drop in internal revenues and a 13% decline in customs revenues.
Total public expenditures saw a modest 1% decrease, largely driven by a significant 48% reduction in investment spending.
Subsidies and other current transfers were cut by 50% compared to the previous year, with 15% allocated to Électricité d'Etat d'Haïti.
Global financing reached 7.2 billion gourdes, a substantial increase of 598% year-on-year, mainly through net Treasury bond emissions.
The under-execution of investments in the early fiscal year negatively impacts anticipated economic growth, necessitating reforms in budget adoption and procurement.

Full Description

The Ministry of Economy and Finance (MEF) presents an analytical summary of Haiti's public finance situation for the first two months of the 2024-2025 fiscal year (October-November 2024). Current revenues experienced a 10% year-on-year contraction, falling from 30.2 billion to 27.2 billion gourdes, attributed to an 8% decrease in internal revenues and a more pronounced 13% decline in customs revenues. Despite this, excise duties saw a 166% increase. Total public expenditures decreased by a modest 1%, with a significant 48% reduction in investment spending due to delayed budget adoption and procurement processes. Subsidies also dropped by 50%. Global financing, however, reached 7.2 billion gourdes, a substantial increase from the previous year, largely driven by a 598% rise in net Treasury bond emissions. The report concludes with recommendations to improve investment execution, such as strengthening inter-ministerial coordination, simplifying procurement, establishing revolving funds, and accelerating budget adoption.

Topics

Geography

Time Coverage

2023-10-01 — 2024-09-30

Keywords

Finances publiques, recettes, dépenses, budget, investissements, subventions, exercice fiscal, gourdes, économie, gestion budgétaire, performance fiscale, Haïti, Ministère de l'Économie et des Finances, Banque de la République d'Haïti

Entities

MINISTERE DE L'ECONOMIE ET DES FINANCES (MEF), DIRECTION DES ETUDES ECONOMIQUES (DEE), Banque de la République d'Haïti (BRH), Électricité d'Etat d'Haïti

Notes

MEF /documentation/doc_rapport page, published 18 Dec 2024; title truncated ("...pour..."). Likely covers FY2023-2024. One of two similarly-titled Dec 2024 résumés (see -2024b); confirm which period each covers on open.