Haiti: Staff-Monitored Program-Press Release; and Staff Report

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2023 Issue 315

Publication date: August 2023

ISBN: 9798400252860

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Money and Monetary Policy , Public Finance , International - Economics , SMP staff report , IMF governance Diagnostic , SMP policy , management of the International Monetary Fund , transparency policy , food price inflation , Budget planning and preparation , Energy subsidies , Global

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Summary

This paper presents Haiti’s Staff-Monitored Program (SMP). Building on progress achieved under the previous SMP, which was satisfactorily concluded in May 2023, the new 9-month SMP should contribute to macroeconomic stability by helping Haiti sustain recent policy reforms designed to enhance economic resilience and governance. Haiti faces a challenging macroeconomic outlook amid a dire humanitarian crisis. The country has been hit hard by economic spillovers from Russia’s invasion of Ukraine, including food price inflation that has triggered a hunger crisis. This global shock has been compounded by a highly volatile security situation in Haiti, which has heightened the economy’s fragility. The authorities have also recently made a formal request for an IMF Governance Diagnostic, which is a very welcome development and will help Haiti solidify the early improvements achieved during the recently concluded SMP. The diagnostics are designed to help inform governance and anti-corruption strategies, including sequencing of reforms.