Table of State financial operations (TOFE), June 2026: analytical note and table
- The fiscal position reversed within a year. On a commitment basis the balance went from a surplus of 18.4 billion gourdes at end-June 2025 to a deficit of 5.1 billion at end-June 2026, because spending grew 32 percent (39.8 billion gourdes) against revenue growth of 11 percent (16.3 billion).
- The cash position is far worse than the commitment balance, and that gap is the finding. The cash deficit reached 44.2 billion gourdes against a commitment deficit of 5.1 billion. Net financing of 23.4 billion in the first quarter alone accounted for about 53 percent of net financing for the nine months, so the need was front-loaded rather than accumulating steadily.
- Financing came from the central bank and the domestic bill market, not from external sources. Monetary financing stood at 32.6 billion gourdes, which the note reads as persistent cash-flow strain rather than a one-off effect of settling the previous year's closing expenditure, and net Treasury bill issuance yielded a positive balance of 22.3 billion against 24.8 billion reprogrammed for the end of the year in the revised budget.
- Revenue undershot the ministry's own target while beating the IMF's. Tax and customs administrations collected 160.2 billion gourdes, 87 percent of the DEEP target of 184.3 billion for the period but 104 percent of the 154 billion target set for 30 June 2026 under the Staff-Monitored Program. Internal revenue rose 10 percent to 100.8 billion (63 percent of the total) and customs revenue 11 percent to 57.4 billion (35.9 percent).
- Spending is structurally current, and the increase is a wage increase. Current expenditure is 84 percent of the total and rose 18 percent year on year; wages and salaries are 53 percent of current spending and rose 15 percent to 74.4 billion gourdes from 64.5 billion. Three ministries, MENFP, MSPP and MJSP, absorb 67 percent of the base public payroll on their own.
- Investment tripled and went to policing. Investment spending reached 26.1 billion gourdes, 237 percent above end-June 2025, with the PNH taking 66 percent of executed investment and 93 percent of its own PIP allocation already spent by 30 June, which reflects credits reprogrammed in the FY2025-2026 revised budget.
- Absorption capacity differs sharply across ministries and the note treats that as the operational problem. Overall execution of the revised budget was 60.3 percent, with MICT at 77.34 percent, MJSP at 76.38 and MAE at 76.10, against MAST at 27.04 percent, held down partly by PIP execution of 11 percent. The note calls for closer monitoring of low-executing institutions to limit delays in using programmed credits.
The Direction des Études Économiques et Prévisions (DEEP) publishes this combined analytical note and TOFE table for the position at 30 June 2026, nine months into fiscal year 2025-2026. On a commitment basis the State recorded a deficit of 5.1 billion gourdes, a reversal from the 18.4 billion surplus at end-June 2025, as spending grew faster than revenue. The cash deficit reached 44.2 billion gourdes, about 53% of it incurred in the first quarter, financed mainly domestically through recourse to the Banque de la République d'Haïti and net Treasury bill issuance.
Tax and customs administrations mobilized 160.2 billion gourdes, 87% of the DEEP's own collection target for the period but above the 154 billion gourdes ceiling agreed under the IMF Staff-Monitored Program. Expenditure remains dominated by current charges at 84% of the total, with wages and salaries concentrated in the MENFP, the MSPP and the MJSP. Investment spending of 26.1 billion gourdes is 237% higher than a year earlier and is directed mainly at security: the PNH accounts for 66% of executed investment, and 93% of its PIP investment allocation had been spent by 30 June, reflecting the credits reprogrammed in the FY2025-2026 revised budget. The note flags marked differences in absorption capacity between ministries and calls for closer monitoring of institutions executing at low rates.
How to cite
Ministry of Economy and Finance (MEF), Table of State financial operations (TOFE), June 2026: analytical note and table, https://www.mef.gouv.ht/