(2020-10) Summary report on the state of public finances
Summary — This report provides a synthesis of Haiti's public finance situation for the fiscal year October 2019 to September 2020. It highlights the challenges faced, including socio-political events and the COVID-19 pandemic, which hindered public finance consolidation. Despite these difficulties, revenue collection improved, and the 2019-2020 budget integrated all extra-budgetary expenses and the government's COVID-19 response.
Key Findings
- The 2019-2020 fiscal year was extremely challenging, hindering public finance consolidation due to socio-political events, currency depreciation, inflation, and COVID-19.
- Revenue collection improved by 14% year-on-year, reaching 97% of objectives, despite a slight gap from forecasts.
- The 2019-2020 budget successfully integrated all extra-budgetary expenses, including COVID-19 response costs and EDH subsidies.
- Total expenditures increased by 61% to 123.3 Md G, largely driven by COVID-19 mitigation efforts and EDH subsidies.
- The fiscal deficit of 41.9 Md G and BRH financing were aligned with the Economic and Financial Governance Pact.
Full Description
The fiscal year 2019-2020 in Haiti was marked by significant challenges, including socio-political instability, accelerated depreciation of the Gourde, inflation, and the COVID-19 pandemic, all of which complicated public finance consolidation. Despite these hurdles, the adoption of the 2019-2020 budget in June 2020, ending two years of provisional budgets, allowed for the integration of all extra-budgetary expenditures, including subsidies to EDH and the full cost of the COVID-19 response. Revenue collection showed a 14% increase year-on-year, reaching 97% of targets, while total expenditures rose by 61%, largely due to COVID-19 mitigation efforts and EDH subsidies. The fiscal deficit and financing from the BRH remained in line with the Economic and Financial Governance Pact.
Notes
MEF /documentation/doc_rapport page. Published 29 Oct 2020; title truncated. Coverage inferred as FY2019-2020; VERIFY on open. Family-2 outturn narrative.