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Background Note

Haiti: Debt Statistics and IMF support

January 27, 2010

  • Haiti's PRGF program was automatically converted to an ECF arrangement when new IMF low income country facilities became effective on January 7, 2010.
  • Proposed augmentation (January 2010) is SDR 65.5 million (US$100 million), or 80 percent of Haiti's IMF quota.
  • Principal repayments would start after 5 1/2 years, with a 10-year maturity.
  • Interest rate on outstanding loans is zero until 2012.
  • Haiti makes virtually no payments to IMF until 2013 (see table below).


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Video (4:26) "Debt Relief for Haiti, Savings for the Future" (July 2009)

Haiti Debt Statistics
  2008 2009
External debt (US$ mn) 1,885 1,247
    % GDP 28.7 19.0
    % Exports G & S 226.3 133.7
External debt service (% exports g & s) 8.2 3.9
Multilateral debt (US$ mn) 1,435 677
    IMF 104.8 165.6
    IDB 774.8 417.5
    IDA/IBRD 512.8 38.8
    Others 42.6 54.9
Bilateral debt (US$ mn) 388 507
    Venezuela 167.3 295.2
    China, Taiwan 91.8 89.7
    Others 128.7 122.1
Source: Haitian authorities.
HIPC Debt Relief : Debt Service Savings (US$ mn)
HIPC Initiative 265
MDRI 972.7
    IDA 486.7
    IDB 486
    IMF1 0
Total debt relief 1,238
1/ Haiti does not have any MDRI eligible debt due to the IMF.
Source: World Bank and IMF.
Haiti: IMF obligations
      Projections
  2008 2009 2010 2011 2012 2013 2014
IMF credit outstanding (US$ mn)2 104.8 165.6 282.3 282.1 281.0 268.4 242.6
    In % of quota 80.9 131.0 216.3 216.3 215.4 205.7 186.1
               
IMF Total obligations (US$ mn) 2/ 0.30 0.41 0.05 0.05 1.61 13.33 25.97
    o/w Principal 0.00 0.00 0.00 0.00 1.21 12.58 25.26
    o/w Interest 0.30 0.41 0.05 0.05 0.40 0.74 0.71
               
    In % exports G & S 0.0 0.0 0.0 0.0 0.2 1.6 3.0
    In % of government revenues 0.0 0.1 0.0 0.0 0.2 1.6 2.8
    In % of quota 0.2 0.3 0.0 0.0 1.2 10.2 19.9
2/ Includes augmentation of SDR 65.5 million; obligations based on existing and prospective credit.
Source: IMF