## 1htiea2023003

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### EXECUTIVE SUMMARY — Context and recent developments
- Humanitarian and security crisis: food price inflation triggered a hunger crisis affecting over 50 percent of the population.
- Financial assistance: Fund approved in January 2023 US$110.6 million under the Food Shock Window (FSW) of the Rapid Credit Facility (RCF).
- Security and health shocks: gangs control large parts of the capital; widespread fuel shortages; recent cholera outbreak.
- Political timetable: “National Consensus for an Inclusive Transition and Transparent Elections” signed December 21, 2022; timetable for elected government by February 2024; High Council for the Transition set up in February; Body for the control of government action established.
- Key macro indicators and shocks:
  - Real GDP contracted by 1.7 percent in fiscal year 2022 (FY2022).
  - Year-on-year overall CPI inflation reached 48.3 percent in March 2023; food prices surged 48 percent (year-on-year).
  - Month-on-month inflation declined from near 11 percent in October to 1.7 percent in March.
  - Current account shifted to a deficit of 2.3 percent of GDP, from a surplus of ½ percent in FY2021.
  - Gourde depreciated to 154 per US dollar at end-March 2023, a 30½ percent depreciation from September 30, 2022.
  - Credit growth decelerated to 2.5 percent (year-on-year) in the first quarter of 2023.
- Reserves and buffers:
  - Net international reserves (NIR) reached almost US$396 million in mid-April 2023 (US$110.6 million related to the FSW disbursement), up from US$114 million at end-October 2022.
  - Remittances remained resilient in 2022 and were still higher than in the pre-Covid period (as a share of imports).
- Fiscal and monetary signals:
  - Custom duties boosted fiscal revenue by 50 percent in the first six months of FY2023.
  - Monetary financing of the budget decreased from an annual rate of 2½ percent of GDP to 1 percent (October 2022–March 2023, year-on-year).

### Program implementation under the SMP
- Overall assessment: implementation broadly satisfactory; helped stabilize macroeconomic situation and advance structural reforms despite adverse conditions.
- Quantitative and indicative targets:
  - Met three of four end-December 2022 periodic QTs: floor on NIR of the central bank; floor on preliminary balance of the NFPS; ceiling on net central bank credit to the NFPS. Indicative targets (IT) for end-December met.
  - Missed end-December QT floor on budget allocation to the Ministry of Social Affairs and Labor (MAST); miss due to additional safeguards slowing budget execution rather than underperformance in social spending.
  - Met four of five ITs for end-March 2023 including budget allocation to MAST; narrowly missed IT floor on central government revenues.
  - Met three continuous QTs: non-accumulation of domestic arrears, non-accumulation of external arrears, and no new contracting or guaranteeing by the public sector of non-concessional external debt.
- Structural benchmarks and capacity development:
  - All structural benchmarks achieved; two end-March 2023 structural benchmarks implemented with delay in April.
  - Achievements supported by Fund CD:
    - Governance and PFM: improved transparency at FAES; re-convened FAES governing board; prepared quarterly report through March 2023; regular publication of public procurement contracts; expansion of the Treasury Single Account (TSA); adoption of a medium-term budget framework with NFPS deficit as anchor.
    - Tax administration: decree making TIN compulsory; publication of TIN database and file of active taxpayers (end-March 2023 SB).
    - Central bank law: amendments finalized and ratified by BRH Board at end-April 2023 (end-March 2023 SB).
    - AML/CFT: draft decree aligned with FATF and endorsed by Council of Ministers (end-April SB).
    - Tax policy and customs: adoption of new tax code and primer simplifying tax system; publication of codes and tariffs.
    - Safeguards: FY2021 BRH financial audit completed and audited financial statements published.
- Coordination and TA: IMF LEG, FAD, CARTAC, IMF Statistics, MCM; SMP facilitated forthcoming budget support (€19.5 million) from the European Union.

### Outlook and risks
- Growth and inflation forecasts:
  - Growth expected at 0.1 percent in FY2023 (slightly lower than 0.3 percent projected at First Review).
  - Medium-term growth expected to reach 1½ percent conditional on reforms and improved security.
  - Inflation expected to moderate to about 30 percent at end of this fiscal year and ease further over the medium term assuming adequate macroeconomic policies.
- Fiscal and external projections:
  - NFPS deficit narrowed by 0.4 percentage point to 2.1 percent of GDP in FY2022; 0.6 percentage point above level expected at SMP approval.
  - NFPS fiscal deficit projected at 1.8 percent of GDP in FY2023—0.3 percentage points below SMP approval projection—due to lower fuel subsidies and higher customs revenues.
  - Medium-term fiscal deficit projected to expand slightly to about 2.2-2½ percent of GDP, led primarily by capital spending.
  - External debt indicators expected to decline relative to the First Review.
  - Current account deficit expected to narrow from 2.3 percent of GDP recorded.
- Risks:
  - Domestic: intensified political instability, gang disruptions, cholera spread, worsening hunger crisis, extreme natural disasters.
  - External: volatile remittances, lower external financing, renewed surges in global food and energy prices.
  - Normalization of security situation (not in baseline) would greatly improve medium-term outlook.
- Debt assessment: public debt projected path sustainable but with high risk of debt distress; assessed debt-carrying capacity: medium.

### Policy directions and next steps
- Authorities expressed interest in another SMP to lock in and sustain reforms, enhance resilience, and strengthen governance.
- New SMP to be supported by continued Fund capacity development and coordination with development partners in line with Fund Strategy for Fragile and Conflict-Affected States.
- Continued reform priorities: governance and PFM, tax and revenue administration, central bank independence and safeguards, AML/CFT reforms, improved statistics and financial reporting.

### Fiscal outlook detail — “0.8 percent of GDP in FY2023, and further to 0.6 percent over the medium term”
- Fiscal projection summary:
  - Fiscal deficit projected at 0.8 percent of GDP in FY2023, and further to 0.6 percent over the medium term, assuming imports compression and as import prices stabilize.
- First-half FY2023 developments:
  - Domestic revenue rose by 48 percent, mainly owing to customs duties and improved revenue administration.
  - Average monthly revenue exceeded 17 billion gourdes in the second quarter of FY2023, versus 11 billion gourdes in the year-earlier quarter.
  - Nominal spending grew 18 percent (year-on-year) in first semester FY2023:
    - Capital spending increased by 25 percent, including strengthening national police.
    - Current spending rose by 13 percent; energy transfers cut in half as fuel subsidies were eliminated.
  - Social spending in first semester FY2023: 0.65 percent of GDP (versus 0.62 percent of GDP year-earlier); total social spending rose 50 percent year-on-year, reaching 20.3 billion gourdes.
  - Monetary financing of budget stood at 1 percent of GDP (annualized using first-semester outturn).
- FY2023 fiscal anchors and projections:
  - Overall government balance projected at 1.9 percent of GDP in FY2023 (2 percent at First Review).
  - Monetary financing expected to reach 1.4 percent of GDP at end-FY2023, far below 2.3 percent in FY2022.
  - Total domestic tax revenue expected to climb to 6.4 percent in 2023, from 5.3 percent of GDP in 2022.
  - Fuel import tax measures projected to yield 0.9 percent of GDP from taxes on fuel imports.
  - Current spending and domestically financed capital spending projected to rise by 1.2 percentage point of GDP relative to 2022.
  - With global oil prices moderating, fuel subsidies expected to remain at zero; transfers to the electricity company to total 0.4 percent of GDP.
  - Medium-term fiscal deficit projected to slightly widen to an average of 2.1 percent of GDP, driven by a slight increase in capital spending.

### Revenue mobilization and tax administration
- Administrative steps:
  - Strengthened control of invoices for imported goods and replacement of revenue agency management in August after weak revenue start.
  - Decree making TIN compulsory; TIN database and active taxpayers file published in April.
- TA and implementation:
  - Authorities requested IMF TA to implement tax code operational October 1, 2024, and TA on customs administration.
- Staff recommendation: sustain revenue mobilization to anchor monetary financing and finance social and infrastructure needs.

### Social safety net and fuel-price reforms
- Fuel subsidy reform:
  - Deemed essential for medium-term fiscal sustainability.
  - September price increases eliminated fuel subsidies "for now".
  - Authorities preparing comprehensive, transparent policy framework for predictable automatic pricing mechanism.
  - Recommended mitigating measures to protect the most vulnerable with gradual, well-communicated approach and communication policy.
- Social safety net:
  - Authorities prepared detailed strategy to tackle food insecurity and strengthen social safety net focusing on children, women, and old-age group.
  - Staff to assess implementation of spending related to FSW resources.

### Monetary and exchange rate policy
- Monetary financing decreased since SMP start, enhancing credibility.
- FX interventions aimed at rebuilding NIR; unwinding of some FX surrender requirements (Circular 114.3) begun.
- Staff recommendations:
  - Greater exchange rate flexibility.
  - Ceiling on credit to the NFPS as main anchor to limit monetary financing to 1½ percent of GDP.
  - Short-term liquidity-absorbing operations at a fixed policy rate with full allotment.
  - Further increase in short-term interest rates to initiate disinflation given a large negative real rate of about 15 percent.
  - Put in place mechanism for FX interventions (e.g., well-designed weekly FX auctions), develop FX market intervention rule, complete revision of banks’ net open position (NOP) limits.
- Reserve and market TA requested to eliminate foreign exchange parallel market.
- BRH published daily reference exchange rate: weighted average between interbank rate (60 percent) and informal rate (40 percent); parallel market rate monitored via informal surveys.

### Financial sector and AML/CFT
- Supervision and inclusion:
  - BRH advancing reforms to increase financial inclusion and strengthen banking supervision toward risk-based supervision with Fund assistance.
- Areas for attention:
  - Finalize regulations on risk concentration, classification and provisioning of credits, and new chart of accounts for financial institutions.
  - Continue establishment of risk-based supervision supported by TA.
  - Digital money: BRH analyzed CBDC; does not intend to implement now but seeks placeholder; staff recommended robust evaluation and improvements to national payment system.
  - AML/CFT: authorities approved new AML/CFT Decree in April; work on FATF action plan items, sectoral risk assessments, risk-based supervision, and beneficial ownership transparency.
  - Amendments to UCREF law in progress to ensure operational autonomy; IMF Legal Department providing TA.
- SDR usage:
  - Haiti converted about half of its 2021 SDR allocation to freely usable currencies and used proceeds for priority fiscal spending.
  - Staff emphasized institutional frameworks for fiscal use of SDRs; authorities agreed to publicly communicate future SDR conversions and engage staff.

### Governance, transparency, and safeguards
- Transparency steps:
  - Publication of public procurement contracts, tenders, contracts, and beneficial owners of successful bidders.
  - All social expenditure introduced into the budget and associated financing into the TSA.
  - Authorities requested IMF Governance Diagnostic CD to identify next priorities.
- Emergency spending oversight:
  - Commitments to strengthen transparency and audit capacity for emergency resources.
  - Mechanisms to monitor, record, and publish emergency expenditures; publish monthly budget execution reports within 45 days after month-end; internal audits of ministries with emergency spending started.
- BRH governance and safeguards:
  - BRH approved drafting amendments to its organic act (end-March 2023 SB) to strengthen governance and autonomy.
  - Pending recommendations: adoption of IFRS, medium-term plan to phase-out BRH involvement in development activities, alignment of foreign investment strategy with best practices.

### Staff appraisal and overall assessment
- Haiti faces humanitarian and security crises with challenging macro outlook and downside risks amplified by global shocks from Russia’s invasion of Ukraine.
- Authorities adopted key policy reforms anchored by SMP: governance and anti-corruption, tax and revenue administration improvements, budget preparation and execution reforms, and central bank independence measures.
- Data and statistics improved, enhancing transparency and supporting macro stability despite temporary slippages from September/October paralysis due to gang violence.
- Authorities built ownership and public support for SMP through inclusive consultative process and Program Monitoring Committee (Comité de Suivi).
- Based on performance under SMP, staff supports completion of the Second Review and coordination for a potential new SMP and updated Country Engagement Strategy as part of upcoming Article IV Consultation scheduled for fall 2023.

### Socioeconomic and macroeconomic statistics (selected)
- Nominal GDP (2022): US$21.5 billion
- GDP per capita (2021): US$1,765
- Population (2021): 11.9 million
- Percent of population below poverty line (2021): 52.3
- Prevalence of Undernourishment: 5.3 million people (2018-20)
- Key GDP and price projections (fiscal year ending September 30):
  - GDP at constant prices:
    - FY2022: -1.7
    - FY2023 (Est.): 0.3
    - FY2023 (1st review): 0.1
    - FY2024 (Proj.): 1.2
    - FY2025–FY2028 (Proj.): 1.5 each year for FY2025–FY2028 except FY2024 1.2
  - Consumer prices (period average):
    - FY2022: 27.6
    - FY2023: 33.4
    - FY2023 (1st review): 43.6
    - FY2024: 13.4
    - FY2025: 12.6
  - Net international reserves (program definition, millions of US$):
    - FY2022: 90
    - FY2023: 203
    - FY2023 (1st review): 250
    - FY2028: 587
- Public finances (selected, millions of gourdes):
  - Nominal GDP:
    - FY2022: 2,168,223
    - FY2023: 2,857,327
    - FY2023 (1st review): 3,122,964
  - Domestic revenue:
    - FY2022: 114,919
    - FY2023: 187,736
    - FY2023 (1st review): 199,320
  - Total expenditure:
    - FY2022: 220,167
    - FY2023: 317,276
    - FY2023 (1st review): 330,791
  - Overall balance of NFPS, including grants:
    - FY2022: -46,220
    - FY2023: -57,568
    - FY2023 (1st review): -59,280
- Public debt indicators:
  - External public debt (percent of GDP):
    - FY2022: 12.9
    - FY2023: 11.1
    - FY2023 (1st review): 9.9
  - Total public sector debt (percent of GDP):
    - FY2022: 30.1
    - FY2023: 25.3
    - FY2023 (1st review): 24.0

### Appendix I — Letter of Intent (highlights)
- SMP approved June 2022 anchors macro policies and reforms amid shocks (Russian invasion spillovers, cholera, violence).
- Financial assistance: SDR 81.9 million under FSW of RCF, January 2023.
- Reserves reached US$396 million in April 2023.
- Macro expectations reiterated:
  - FY2022 growth contracted by 1.7 percent.
  - Year-on-year inflation to decelerate to about 31 percent by end of FY2022-23.
  - Expected end-of-year overall deficit for NFPS: 1.9 percent of GDP.
  - FY2022-23 budget deficit targeted at less than 1.9 percent of GDP.
  - FSW funding equal to about 0.5 percent of GDP included in spending plans.
- Fiscal and transparency commitments:
  - Approve FY2022-23 budget and MTFF for FY2023–FY2025 with NFPS deficit as anchor.
  - Publish monthly budget implementation reports no later than 45 days after month-end.
  - Conduct internal audits of ministries using FSW emergency resources.
  - Request IMF Governance Diagnostic.
- Structural accomplishments echoed (BRH audit, procurement publication, TSA expansion, TIN decree and database, BRH law amendment, AML/CFT revisions).
- Request: government requests completion of the Second Review of the SMP. Letter signed by Michel Patrick Boisvert (Minister for Economy and Finance) and Jean Baden Dubois (Governor, BRH).

### Nonfinancial public sector (NFPS), quantitative targets, and reserves (selected technical details)
- NFPS scope: central government, special funds and programs, autonomous state organizations (including FAES, BMPAD, EDH), Civil Service Pension Plan, ONA, and local governments.
- Program exchange rates (as at December 16, 2021):
  - HTG 100.0123/US$
  - US$1.133600/EUR
  - SDR 0.7154070/US$
- Net central bank credit to NFPS (selected levels):
  - September 2021: 160,047,059.23
  - December 2022: 229,435,028.69
  - March 2023: 223,182,962.36
- BRH net international reserves (selected):
  - September 2021: 41,397,115.02 gourdes / 413,920.24 US$
  - December 2022: 48,888,812.01 gourdes / 488,827.99 US$
  - March 2023: 85,726,736.23 gourdes / 857,161.93 US$
- Definitions:
  - Gross international reserves and NIR defined precisely; NIR = BRH gross international reserves minus specified liabilities and accounts.
  - Debt and concessionality definitions per Guidelines on Public Debt Conditionality.
- Budgetary grants adjusters:
  - Projected cumulative budgetary grants: Dec. 2021: 15.2; Mar. 2022: 15.2; Jun. 2022: 45.7; Sep. 2022: 60.9; Dec. 2022: 24.7; Mar. 2023: 49.5.
  - If budgetary grants are lower than expected, floor on NIR adjusted downward by the amount of the difference; no upward adjustment if grants exceed expectations.

### Arrears, reporting obligations, and data provision
- Domestic arrears definition: expenditures accepted by Treasury and unpaid after 90 days; unpaid off-budget commitments excluded.
- Monitoring: continuous QTs monitored continuously; authorities to report any non-observance promptly.
- Reporting obligations: authorities to inform IMF staff in writing at least 10 working days before policy changes affecting program outcome.
- Data provision schedules (selected):
  - National accounts — Annual — Year-end + 3 months.
  - Quarterly economic indicators — Quarter-end + 2 months.
  - CPI (including breakdowns) — Month-end + 3 weeks.
  - Fiscal revenues — Monthly — Month-end + 1 week (4 final weeks final data).
  - Expenditures on cash basis — Monthly — Month-end + 1 week (4 final weeks final data).
  - TOFE — Monthly — Month-end + 2 weeks.
  - Balance on current accounts and operation of projects — Monthly — Month-end + one month.
  - Detailed petroleum shipments and CIF prices — Monthly — Month-end + one week.
  - Exchange rate — Daily — Day-end + one day.
  - Monetary base — Weekly — Week-end + one week.
  - BRH balance sheet and consolidated banking sector (SRF-1SR, SRF-2SR) — Monthly — Month-end + one month.
  - Balance of payments (first version) — Quarterly — Quarter-end + 6 weeks.
  - External debt report prepared by BRH — Monthly — Month-end + one month.
- Arrears on domestic debt of central government: include all debt-service obligations to residents not paid 90 days after due date; QT on domestic arrears monitored continuously and any non-observance reported immediately.

*Source: EXECUTIVE SUMMARY (1htiea2023003) — IMF Haiti report, May 31, 2023.*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### Context and Recent Developments
- Haiti faces a challenging macroeconomic outlook amid a humanitarian crisis, with food price inflation triggering a hunger crisis affecting over 50 percent of the population.
- The Fund approved in January 2023 US$110.6 million under the Food Shock Window (FSW) of the Rapid Credit Facility (RCF) to address balance of payments needs.
- Security situation remains very difficult, with gangs controlling large parts of the capital and key infrastructure, worsening widespread fuel shortages. A recent cholera outbreak has further aggravated the emergency.
- Political development: Prime Minister Henry signed on December 21, 2022, the “National Consensus for an Inclusive Transition and Transparent Elections,” including a timetable for an elected government by February 2024, establishment of a High Council for the Transition (set up in February), and a Body for the control of government action to enhance accountability.
- Macroeconomic indicators and shocks:
  - Real GDP contracted by 1.7 percent in fiscal year 2022 (FY2022).
  - Year-on-year overall CPI inflation reached 48.3 percent in March 2023; food prices surged 48 percent (year-on-year).
  - Month-on-month inflation declined from near 11 percent in October to 1.7 percent in March.
  - The current account balance shifted to a deficit of 2.3 percent of GDP, from a surplus of ½ percent in FY2021.
  - The gourde depreciated to 154 per US dollar at end-March 2023, a 30½ percent depreciation from September 30, 2022.
  - Credit growth decelerated to 2.5 percent (year-on-year) in the first quarter of 2023.
- Signs of resilience and buffer rebuilding:
  - Net international reserves (NIR) reached almost US$396 million in mid-April 2023 (US$110.6 million related to the FSW disbursement), up from US$114 million at end-October 2022.
  - Remittances remained resilient in 2022 and were still higher than in the pre-Covid period (as a share of imports).
  - Custom duties boosted fiscal revenue by 50 percent in the first six months of FY2023, reflecting improved revenue administration and collection on fuel imports at the new regulated price.
  - Monetary financing of the budget decreased from an annual rate of 2½ percent of GDP to 1 percent (October 2022–March 2023, year-on-year).

### Program Implementation under the SMP
- Overall assessment: Implementation under the SMP has been broadly satisfactory and helped stabilize the macroeconomic situation and advance key structural reforms despite adverse domestic and global conditions.
- Quantitative and indicative targets:
  - Met three of the four end-December 2022 periodic quantitative targets (QTs): the floor on the NIR of the central bank; the floor on the preliminary balance of the NFPS; and the ceiling on the net central bank credit to the NFPS—also met the indicative targets (IT) for end-December.
  - Missed the end-December QT floor on budget allocation to the Ministry of Social Affairs and Labor (MAST); the miss reflected implementation of additional safeguards that slowed budget execution by MAST rather than underperformance in targeted social spending.
  - Met four of five ITs for end-March 2023 including budget allocation to MAST; missed narrowly the IT floor on central government revenues (which had been revised up at the time of the first review).
  - Met the three continuous QTs: non-accumulation of domestic arrears, non-accumulation of external arrears, and no new contracting or guaranteeing by the public sector of non-concessional external debt.
- Structural benchmarks and capacity development:
  - Despite some delays, all structural benchmarks were achieved. The two end-March 2023 structural benchmarks were not met on schedule but were implemented with delay in April; the end-April 2023 structural benchmark and the monthly and quarterly structural benchmarks were all met.
  - Key reform areas and achievements supported by Fund capacity development:
    - Governance and Public Financial Management: improved transparency at FAES; re-convened FAES governing board; prepared quarterly report through March 2023; regular publication of public procurement contracts; expansion of the Treasury Single Account (TSA); adoption of a medium-term budget framework with the NFPS deficit as the main anchor.
    - Tax administration: decree making Taxpayer Identification Number (TIN) compulsory for all finance departments; publication at end-April 2023 of the TIN database and file of active taxpayers (end-March 2023 structural benchmark).
    - Central bank law: amendments to the central bank Law finalized and ratified by the Board of Directors of the BRH at the end of April 2023 (end-March 2023 structural benchmark), marking a milestone for the 2019 Safeguards Assessment recommendations.
    - Anti-money laundering: draft AML/CFT Decree more closely aligned with FATF standards and endorsed by the Council of Ministers (end-April structural benchmark).
    - Tax policy and customs: adoption of a new tax code and a primer simplifying the tax system and eliminating many exemptions; publication of codes and tariffs related to customs.
    - Safeguards: FY2021 financial audit of the BRH completed and audited financial statements published.
- Fund technical assistance and coordination: IMF LEG on AML/CFT and central bank law revision; FAD and CARTAC on cash management and revenue administration; IMF Statistics Department on quarterly GDP data; MCM on Central Bank Banking Chart of Accounts aligned with IFRS Standards; SMP facilitated forthcoming budget support (€19.5 million) from the European Union.

### Outlook and Risks
- Macroeconomic outlook is very challenging with downside risks.
- Growth and inflation forecasts:
  - Growth expected at 0.1 percent in FY2023 (slightly lower than the 0.3 percent projected at the time of the First Review).
  - Growth expected to reach 1½ percent over the medium term, conditional on continued structural reforms and improved security.
  - Inflation expected to moderate gradually to about 30 percent at the end of this fiscal year, and to ease further over the medium term assuming adequate macroeconomic policies.
- Fiscal and external projections:
  - NFPS deficit narrowed by 0.4 of a percentage point to 2.1 percent of GDP in FY2022; this was 0.6 percentage point above the level expected when the SMP was approved in June 2022, mainly due to higher-than-expected fuel subsidies (until mid-September 2022).
  - Fiscal deficit of the NFPS projected at 1.8 percent of GDP in FY2023—0.3 percentage points below that envisaged at the time of the SMP approval—because of lower fuel subsidies and higher customs revenues.
  - Fiscal deficit projected to expand slightly to about 2.2-2½ percent of GDP over the medium term, led primarily by capital spending.
  - External debt indicators expected to decline relative to the First Review as fiscal deficits and monetary financing are lower than previously envisaged.
  - Current account deficit expected to narrow (from the 2.3 percent of GDP recorded).

### Policy Directions and Next Steps
- Authorities have expressed interest in another SMP to lock in and sustain recent reforms, further enhance economic resilience, and strengthen governance.
- The new SMP will be supported by continued Fund capacity development assistance and close coordination with Haiti’s main development partners in line with the Fund Strategy for Fragile and Conflict-Affected States.
- Continued priorities under reform and capacity development include governance and PFM, tax and revenue administration, central bank independence and safeguards, AML/CFT reforms, and improvements in statistics and financial reporting.

*Source: EXECUTIVE SUMMARY (1htiea2023003) — IMF Haiti report, May 31, 2023.*

### 0.8 percent of GDP in FY2023, and further to 0.6 percent over the medium term, assuming imports

### 1htiea2023003 - 0.8 percent of GDP in FY2023, and further to 0.6 percent over the medium term, assuming imports

### Macroeconomic outlook and risks
- Fiscal deficit projected at 0.8 percent of GDP in FY2023, and further to 0.6 percent over the medium term, assuming imports compression and as import prices stabilize.
- Outlook is subject to multiple risks and is tilted mainly to the downside:
  - Domestic risks: intensified political instability, gang-related disruptions to economic activity, further spread of cholera, worsening of the hunger crisis, extreme natural disasters.
  - External risks: volatile remittance flows, lower-than-expected external financing, renewed surges in global food and energy prices.
- Normalization of the security situation (not envisaged in the baseline) would greatly improve the medium-term outlook.
- Public debt projected path is sustainable but consistent with a high risk of debt distress; assessed debt-carrying capacity: medium (as ascertained in the most recent DSA, see EBS/23/4).

### Fiscal policy and public finances
- Revenue and spending developments (first half of FY2023):
  - Domestic revenue rose by 48 percent, mainly owing to customs duties and improved revenue administration.
  - Average monthly revenue exceeded 17 billion gourdes in the second quarter of FY2023, versus a monthly average of 11 billion gourdes in the year-earlier quarter.
  - Nominal spending grew 18 percent (year-on-year) in the first semester of FY2023.
    - Capital spending increased by 25 percent, including strengthening national police.
    - Current spending rose by 13 percent; energy transfers (including fuel and electricity) were cut in half as fuel subsidies were eliminated.
  - Social spending in the first semester of FY2023:
    - 0.65 percent of GDP (slightly higher than 0.62 percent of GDP in the year-earlier period).
    - Total social spending rose 50 percent year-on-year, reaching 20.3 billion gourdes.
  - Monetary financing of the budget stood at 1 percent of GDP (annualized using first-semester outturn).
- FY2023 fiscal projections and anchors:
  - Overall government balance projected at 1.9 percent of GDP in FY2023 (2 percent at time of First Review).
  - Monetary financing expected to reach 1.4 percent of GDP at end-FY2023, far below 2.3 percent in FY2022.
  - Total domestic tax revenue expected to climb to 6.4 percent in 2023, from 5.3 percent of GDP in 2022.
  - Fuel import tax measures projected to yield 0.9 percent of GDP from taxes on fuel imports.
  - Current spending and domestically financed capital spending projected to rise by 1.2 percentage point of GDP relative to 2022.
  - With global oil prices moderating, fuel subsidies expected to remain at zero; transfers to the electricity company to total 0.4 percent of GDP.
  - Medium-term fiscal deficit projected to slightly widen to an average of 2.1 percent of GDP, driven by a slight increase in capital spending to support infrastructure needs.
- Budget execution, PFM, and safeguards:
  - Resources related to the Food Shock Window (FSW) had not been spent as of April 30, 2023 and were kept as reserves at the central bank; staff provided a reporting template aligned with FAD best practice.
  - Meaningful progress on PFM: more detailed monthly budget execution data provided since March 2023; commitment to consolidate the Treasury Single Account (TSA) and to use a medium-term budget framework (MTBF) with the NFPS deficit as anchor.
  - MTBF should be prepared top-down; line ministries should prepare medium-term expenditure frameworks (MTEFs) to align with expenditure ceilings.

### Revenue mobilization and tax administration
- Administrative measures taken in August following weak revenue start at end-June 2022: strengthened control of invoices for imported goods and replacement of revenue agency management.
- Authorities requested IMF technical assistance (TA) to help implement the tax code, which will become operational in October 2024, and TA on customs administration.
- Staff encourages sustaining revenue mobilization efforts to anchor monetary financing and finance social and infrastructure needs.

### Social safety net and fuel-price reforms
- Fuel subsidy reform deemed essential for medium-term fiscal sustainability; September fuel price increases eliminated fuel subsidies only temporarily.
- Authorities reviewing retail price-setting mechanism and preparing a comprehensive, transparent policy framework for future price adjustments.
- Recommended design of mitigating measures to protect the most vulnerable, with a gradual and well-communicated approach and an elaborated communication policy to support reform strategy.
- Authorities prepared a detailed strategy to tackle food insecurity and strengthen the social safety net, focusing on children, women, and the old-age group.

### Monetary and exchange rate policy
- Monetary financing of the budget has decreased since the start of the SMP, enhancing monetary policy credibility.
- Authorities’ FX interventions mainly aimed at rebuilding NIR; unwinding of some FX surrender requirements (per Circular 114.3) has begun.
- Staff recommendations to strengthen frameworks:
  - Greater exchange rate flexibility.
  - A ceiling on credit to the NFPS as main anchor to limit monetary financing to 1½ percent of GDP.
  - Short-term liquidity-absorbing operations at a fixed rate (policy rate) with full allotment.
  - Further increase in short-term interest rates recommended to initiate disinflation given a large negative real rate of about 15 percent.
  - Put in place an appropriate mechanism for FX interventions (e.g., well-designed weekly FX auctions), advance work on an FX market intervention rule, and complete revision of banks’ net open position (NOP) limits.
- Reserve and market technical assistance: authorities requested TA on FX market operations to eliminate the foreign exchange parallel market.
- BRH published the daily reference exchange rate (taux de référence): weighted average between interbank rate (60 percent) and informal rate (40 percent); parallel market rate also monitored via informal surveys.

### Financial sector and AML/CFT
- BRH advancing reforms to increase financial inclusion and to strengthen banking supervision toward risk-based supervision with Fund assistance.
- Areas requiring attention:
  - Finalize adoption of regulations on risk concentration, classification, and provisioning of credits, and a new chart of accounts for financial institutions.
  - Continue establishment of risk-based supervision supported by TA.
  - Digital money: BRH analyzed central bank digital currency (CBDC) issues with Fund TA; BRH does not intend to implement CBDC now but seeks a placeholder in central bank framework. Staff recommended robust evaluation of costs and risks before proceeding and improvements to national payment system to facilitate mobile payments.
  - Anti-money laundering: authorities approved new AML/CFT Decree in April; work underway to address FATF action plan items, complete sectoral risk assessments, implement risk-based supervision of financial institutions and designated non-financial businesses and professions, and ensure transparency of beneficial ownership information.
  - Amendments to the Financial Intelligence Unit (UCREF) law are in progress to ensure UCREF’s operational autonomy; IMF Legal Department providing TA.
- SDR usage:
  - Haiti converted about half of its 2021 SDR allocation to freely usable currencies and used proceeds for priority fiscal spending.
  - Staff emphasized maintaining institutional frameworks governing fiscal use of SDRs, including repayment terms between finance ministry and central bank, and transparent reporting; authorities agreed to communicate publicly any future SDR conversions on BRH or MEF websites and to engage staff.

### Governance, transparency, and safeguards
- Progress on governance:
  - Publication of public procurement contracts, tenders, contracts, and beneficial owners of successful bidders.
  - All social expenditure introduced into the budget and associated financing into the Single Treasury Account.
  - Authorities requested an IMF Governance Diagnostic CD to identify next governance and anti-corruption priorities.
- Transparency and accountability measures for emergency spending:
  - Authorities committed in January 2023 to strengthen transparency and audit capacity for emergency resources for vulnerable households.
  - Activated budgetary mechanisms to monitor, record, and publish all expenditure related to the emergency response and to publish comprehensive monthly budget execution reports on the Direction General du Budget, MEF, no later than 45 days after month-end; internal audits of ministries conducting emergency spending have started.
- BRH governance and safeguards:
  - BRH approved drafting amendments to its organic act (end-March 2023 structural benchmark) to strengthen governance arrangements and autonomy.
  - Pending priority recommendations include adoption of International Financial Reporting Standards, a medium-term plan to phase-out BRH’s involvement in development activities, and alignment of foreign investment strategy with best practices.

### Staff appraisal and overall assessment
- Haiti faces humanitarian and security crises with a challenging macroeconomic outlook and downside risks amplified by global shocks from Russia’s invasion of Ukraine (food price inflation and hunger crisis), political instability, and dire security conditions.
- Authorities have adopted important policy reforms anchored by the SMP, including governance and anti-corruption reforms, tax and revenue administration improvements, budget preparation and execution reforms, and central bank independence measures.
- Data and statistics have improved, enhancing transparency in public spending and the financial sector and helping maintain macroeconomic stability despite temporary macro slippages from September/October paralysis of economic activity due to gang violence.
- Authorities built ownership and public support for the SMP through an inclusive consultative process and a Program Monitoring Committee (Comité de Suivi).

*Source: IMF country report text excerpt (1htiea2023003).*

### 26.      The recent fiscal reforms are encouraging and should continue to allow Haiti to

### The recent fiscal reforms are encouraging and should continue to allow Haiti to finance its large development needs.

### Fiscal reforms and revenue mobilization
- Authorities approved a new tax code and tax procedures code, and published all codes and tariffs related to customs.
- Adoption of unique Tax Identification Numbers (TINs), publication of the TIN database and of the file of active taxpayers.
- Stronger oversight of the revenue agency since August 2022.
- Thanks mainly to an improvement of revenue administration, customs revenue has reached a historic high in recent months, although from a low base.

### Governance, anti‑corruption, and financial integrity
- Governance and anti‑corruption measures were key components of reforms under the SMP.
- Authorities acted to strengthen accountability in the use of public resources and boosted transparency of public procurement for emergency resources.
- Recent finalization of revisions to the Central Bank Law and to the AML/CFT legal framework are critical for improving governance and transparency.
- Sustaining progress on governance reforms is paramount for ensuring inclusive growth and building the trust of the private sector and of development partners.
- The authorities’ recent formal request of a Fund Governance Diagnostic is a welcome development.

### Public financial management reforms
- Consolidation of the main central budgetary accounts into one Treasury Single Account.
- Adoption of a three‑year medium‑term budget framework for the first time; recommendation that the medium‑term budget framework be prepared at the line ministry level.
- Improved budget presentation and execution to ensure greater accountability and transparency and help reduce fiscal dominance.
- Government commitment to limit central bank financing of the NFPS deficit to 1½ percent of GDP.
- The completed FY2021 financial audit of the BRH and publication of its audited financial statements was an important step in implementing the recommendations of the 2019 Safeguards Assessment; staff urges the authorities to complete remaining recommendations.

### Social safety net, food insecurity, and fuel reform
- Continued strengthening of the social safety net is essential for cushioning shocks and alleviating widespread poverty.
- Staff welcomed the authorities’ detailed strategy to tackle food insecurity and will assess implementation of spending related to FSW resources.
- Authorities are taking meaningful steps toward implementing the fuel reform strategy.
- Fund technical assistance on the consumer‑pricing mechanism of fuel took place in January 2023 and should allow changes in international fuel prices to be regularly passed on to consumers instead of ad hoc/sudden price adjustments.
- Staff recommends following through with the implementation of this reform, following recent TA provided by FAD.
- The reform should be accompanied by mitigating measures together with an effective communication strategy to protect the most vulnerable.

### Monetary policy, exchange rate framework, and central bank role
- Authorities moved toward greater exchange rate flexibility, which has helped rebuild reserves.
- Monetary financing of the deficit has been limited to less than 1½ percent of GDP.
- Revisions to the central bank law should allow the BRH to focus on stabilizing prices while maintaining adequate liquidity and financial stability to support growth.

### Data provision and program support
- Data provision to the Fund for program and surveillance purposes has improved under the SMP and data gaps are being closed.
- Timeliness and periodicity of data provided to the Fund exceed the commitments of countries of comparable capacity under the Enhanced General Data Dissemination System (e‑GDDS), which the authorities are considering implementing in the future.

### Staff assessment and next steps
- Based on Haiti’s performance under the SMP, staff supports the completion of the Second Review.
- Authorities have expressed interest in another SMP to lock in recent approved reforms and sustain them to further enhance economic resilience.
- The new SMP will continue to be supported with Fund capacity development assistance.
- In line with the Fund Strategy for Fragile and Conflict‑Affected States, staff will coordinate closely with Haiti’s main development partners and produce an updated Country Engagement Strategy as part of the upcoming Article IV Consultation, scheduled for fall 2023.

*International Monetary Fund*

### 5.3 million people

### 1htiea2023003 - 5.3 million people

### Socioeconomic indicators and human development
- Nominal GDP (2022): US$21.5 billion
- GDP per capita (2021): US$1,765
- Population (2021): 11.9 million
- Percent of population below poverty line (2021): 52.3
- Prevalence of Undernourishment: figure labeled "5.3 million people (2018-20)" (Percent, 3-year average) shown in source graphics.
- People Using at Least Basic Sanitation Services and Basic Drinking Water (Percent of population): graphical series for Haiti, Fragile and conflict affected situations (FCS), and World covering 2011–2021 (percent scales 0–120).
- Literacy rate (Percent of people aged 15-24): presented in source graphics (country comparators include Haiti, Burundi, Lebanon, Liberia, Venezuela, Zimbabwe, and World/FCS series).

### National income, inflation, and prices (FY2020–FY2028; fiscal year ending September 30)
- GDP at constant prices (annual percent change):
  - FY2020: -3.3
  - FY2021: -1.8
  - FY2022: -1.7
  - FY2023 (Est.): 0.3
  - FY2023 (1st review): 0.1
  - FY2024 (Proj.): 1.2
  - FY2025 (Proj.): 1.5
  - FY2026 (Proj.): 1.5
  - FY2027 (Proj.): 1.5
  - FY2028 (Proj.): 1.5
- GDP deflator (annual percent change):
  - FY2020: 20.6
  - FY2021: 19.3
  - FY2022: 29.8
  - FY2023: 33.4
  - FY2023 (1st review): 43.9
  - FY2024: 18.4
  - FY2025: 16.4
  - FY2026: 14.9
  - FY2027: 12.8
  - FY2028: 11.3
- Consumer prices (period average):
  - FY2020: 22.9
  - FY2021: 15.9
  - FY2022: 27.6
  - FY2023: 33.4
  - FY2023 (1st review): 43.6
  - FY2024: 13.4
  - FY2025: 12.6
  - FY2026: 11.5
  - FY2027: 9.7
  - FY2028: 9.7
- Consumer prices (end-of-period):
  - FY2020: 25.2
  - FY2021: 13.1
  - FY2022: 38.7
  - FY2023: 21.0
  - FY2023 (1st review): 30.1
  - FY2024: 12.7
  - FY2025: 12.4
  - FY2026: 10.7
  - FY2027: 9.1
  - FY2028: 8.0

### External sector, trade, remittances, and reserves
- Exports of goods (annual percent change, valued in U.S. dollars, f.o.b.):
  - FY2020: -26.3
  - FY2021: 27.7
  - FY2022: 13.6
  - FY2023: 4.8
  - FY2023 (1st review): 5.2
  - FY2024: 6.6
  - FY2025: 6.5
  - FY2026: 6.7
  - FY2027: 6.7
  - FY2028: 7.2
- Imports of goods (annual percent change, valued in U.S. dollars, f.o.b.):
  - FY2020: -16.7
  - FY2021: 22.3
  - FY2022: 8.3
  - FY2023: 7.6
  - FY2023 (1st review): 7.6
  - FY2024: 5.4
  - FY2025: 4.8
  - FY2026: 3.8
  - FY2027: 4.0
  - FY2028: 4.2
- Remittances (valued in U.S. dollars, percent change):
  - FY2020: 6.0
  - FY2021: 21.1
  - FY2022: -8.6
  - FY2023 onward: 0.0 (FY2023 Est. and FY2023 1st review)
  - Projections: FY2024: 5.2; FY2025: 5.7; FY2026: 5.7; FY2027: 5.6; FY2028: 5.6
- Net international reserves (program definition), memoranda (millions of U.S. dollars):
  - FY2020: 677
  - FY2021: 452
  - FY2022: 90
  - FY2023: 203
  - FY2023 (1st review): 250
  - FY2024: 260
  - FY2025: 311
  - FY2026: 378
  - FY2027: 447
  - FY2028: 587
- Gross international reserves (millions of U.S. dollars):
  - FY2020: 2,501
  - FY2021: 2,534
  - FY2022: 2,067
  - FY2023: 2,348
  - FY2023 (1st review): 2,217
  - FY2024: 2,242
  - FY2025: 2,267
  - FY2026: 2,292
  - FY2027: 2,367
  - FY2028: 2,517
- Exports of goods, f.o.b. (levels, millions of U.S. dollars):
  - Nominal exports series in Balance of Payments Table: FY2020: 885; FY2021: 1,130; FY2022: 1,284; FY2023: 1,339; FY2023 (1st review): 1,351; FY2024: 1,441; FY2025: 1,534; FY2026: 1,637; FY2027: 1,747; FY2028: 1,873
- Imports of goods (levels, millions of U.S. dollars):
  - FY2020: -3,764; FY2021: -4,604; FY2022: -4,985; FY2023: -5,369; FY2023 (1st review): -5,364; FY2024: -5,656; FY2025: -5,930; FY2026: -6,158; FY2027: -6,404; FY2028: -6,673
- Trade balance (millions of U.S. dollars):
  - FY2020: -2,879; FY2021: -3,474; FY2022: -3,701; FY2023: -4,030; FY2023 (1st review): -4,012; FY2024: -4,215; FY2025: -4,395; FY2026: -4,521; FY2027: -4,658; FY2028: -4,801
- Current account (including grants, millions of U.S. dollars):
  - FY2020: 158; FY2021: 98; FY2022: -481; FY2023: -199; FY2023 (1st review): -207; FY2024: -139; FY2025: -184; FY2026: -229; FY2027: -290; FY2028: -380
- Projected average oil price (U.S. dollars per barrel, APSP):
  - FY2020: 41.8; FY2021: 69.2; FY2022: 96.4; FY2023: 81.1; FY2023 (1st review): 81.3; FY2024: 76.8; FY2025: 72.7; FY2026: 69.6; FY2027: 67.0; FY2028: 64.8

### Public finances and non-financial public sector (FY2020–FY2028; gourdes and percent of GDP)
- Memoranda: Nominal GDP (millions of gourdes):
  - FY2020: 1,449,888
  - FY2021: 1,699,208
  - FY2022: 2,168,223
  - FY2023: 2,857,327
  - FY2023 (1st review): 3,122,964
  - FY2024: 3,741,391
  - FY2025: 4,421,231
  - FY2026: 5,155,565
  - FY2027: 5,904,558
  - FY2028: 6,673,342
- Total revenue and grants (millions of gourdes):
  - FY2020: 108,524
  - FY2021: 139,852
  - FY2022: 173,690
  - FY2023: 259,708
  - FY2023 (1st review): 271,510
  - FY2024: 326,505
  - FY2025: 406,154
  - FY2026: 489,238
  - FY2027: 568,561
  - FY2028: 647,949
- Domestic revenue (millions of gourdes):
  - FY2020: 90,046
  - FY2021: 100,635
  - FY2022: 114,919
  - FY2023: 187,736
  - FY2023 (1st review): 199,320
  - FY2024: 250,912
  - FY2025: 324,667
  - FY2026: 390,759
  - FY2027: 456,149
  - FY2028: 518,610
- Grants (millions of gourdes):
  - FY2020: 18,478
  - FY2021: 39,217
  - FY2022: 58,771
  - FY2023: 71,972
  - FY2023 (1st review): 72,190
  - FY2024: 75,593
  - FY2025: 81,487
  - FY2026: 98,479
  - FY2027: 112,412
  - FY2028: 129,339
- Total expenditure (millions of gourdes):
  - FY2020: 143,265
  - FY2021: 184,164
  - FY2022: 220,167
  - FY2023: 317,276
  - FY2023 (1st review): 330,791
  - FY2024: 395,653
  - FY2025: 484,871
  - FY2026: 596,297
  - FY2027: 697,121
  - FY2028: 811,324
- Current expenditure (millions of gourdes):
  - FY2020: 117,479
  - FY2021: 126,058
  - FY2022: 146,602
  - FY2023: 216,159
  - FY2023 (1st review): 229,707
  - FY2024: 263,274
  - FY2025: 320,411
  - FY2026: 374,080
  - FY2027: 429,985
  - FY2028: 520,542
- Capital expenditure (millions of gourdes):
  - FY2020: 25,786
  - FY2021: 58,107
  - FY2022: 73,564
  - FY2023: 101,117
  - FY2023 (1st review): 101,084
  - FY2024: 132,379
  - FY2025: 164,459
  - FY2026: 222,216
  - FY2027: 267,136
  - FY2028: 290,782
- Central government balance including grants (millions of gourdes):
  - FY2020: -34,741
  - FY2021: -44,312
  - FY2022: -46,477
  - FY2023: -57,568
  - FY2023 (1st review): -59,280
  - FY2024: -69,148
  - FY2025: -78,717
  - FY2026: -107,059
  - FY2027: -128,560
  - FY2028: -163,375
- Overall balance of NFPS, including grants (millions of gourdes):
  - FY2020: -45,800
  - FY2021: -42,282
  - FY2022: -46,220
  - FY2023: -57,568
  - FY2023 (1st review): -59,280
  - FY2024: -69,148
  - FY2025: -78,717
  - FY2026: -107,059
  - FY2027: -128,560
  - FY2028: -163,375
- Financing composition highlights (NFPS):
  - External net financing (millions of gourdes): FY2020: -6,728; FY2021: -5,865; FY2022: -1,468; FY2023: -11,110; FY2023 (1st review): -10,868; FY2024: 649; FY2025: 3,661; FY2026: 5,647; FY2027: 7,884; FY2028: 11,249
  - Internal net financing (millions of gourdes): FY2020: 52,527; FY2021: 48,147; FY2022: 47,689; FY2023: 68,678; FY2023 (1st review): 70,148; FY2024: 68,499; FY2025: 75,055; FY2026: 101,411; FY2027: 120,676; FY2028: 152,126
- Memorandum: Health, education and agriculture spending (millions of gourdes):
  - FY2020: 29,050; FY2021: 28,173; FY2022: 36,860; FY2023: 50,003; FY2023 (1st review): 54,652; FY2024: 67,345; FY2025: 81,793; FY2026: 97,956; FY2027: 112,187; FY2028: 126,794

### Public debt and debt service
- External public debt (medium and long-term, end-of-period; percent of GDP):
  - FY2020: 10.5
  - FY2021: 12.9
  - FY2022: 12.9
  - FY2023: 11.1
  - FY2023 (1st review): 9.9
  - FY2024: 9.1
  - FY2025: 8.5
  - FY2026: 8.1
  - FY2027: 7.7
  - FY2028: 7.9
- Total public sector debt (end-of-period; percent of GDP):
  - FY2020: 23.3
  - FY2021: 28.5
  - FY2022: 30.1
  - FY2023: 25.3
  - FY2023 (1st review): 24.0
  - FY2024: 22.8
  - FY2025: 21.8
  - FY2026: 21.2
  - FY2027: 21.1
  - FY2028: 21.4
- External public debt service (percent of exports of goods and nonfactor services):
  - FY2020: 12.5
  - FY2021: 9.5
  - FY2022: 8.0
  - FY2023: 8.6
  - FY2023 (1st review): 8.7
  - FY2024: 8.1
  - FY2025: 8.2
  - FY2026: 8.3
  - FY2027: 7.5
  - FY2028: 7.8

### Banking system and financial soundness (selected indicators)
- Summary accounts (net foreign assets, net domestic assets, base money, broad money) reported FY2020–FY2028 with levels in gourdes and U.S. dollars; key memoranda:
  - Net foreign assets (BRH definition, in millions of U.S. dollars, program definition): FY2020: 677; FY2021: 452; FY2022: 90; FY2023: 203; FY2023 (1st review): 250; FY2024: 260; FY2025: 311; FY2026: 378; FY2027: 447; FY2028: 587
  - Broad money (levels, gourdes):
    - FY2020: 369,728
    - FY2021: 510,963
    - FY2022: 618,634
    - FY2023: 659,006
    - FY2023 (1st review): 707,447
    - FY2024: 792,062
    - FY2025: 882,126
    - FY2026: 975,474
    - FY2027: 1,077,195
    - FY2028: 1,186,209
- Financial Soundness Indicators (June 2020–December 2022, selected):
  - Asset volume (in US$ millions): Jun-20: 4332.7; Dec-22: 4770.9 (intermediate series shown for multiple dates)
  - Deposit volume (in US$ millions): Jun-20: 3554.5; Dec-22: 3942.0
  - Regulatory capital to risk-weighted assets: Jun-20: 21.3; Dec-22: 20.3 (quarterly series in source)
  - NPLs to gross loans: Jun-20: 8.0; Dec-22: 10.9
  - Return on assets (ROA) cumulative: Jun-20: 2.1; Dec-22: 2.6
  - Return on equity (ROE) cumulative: Jun-20: 24.1; Dec-22: 30.5
  - Liquid assets to total assets: Jun-20: 49.2; Dec-22: 47.4
  - Foreign currency loans to total loans (net): Jun-20: 57.0; Dec-22: 55.9
  - Foreign currency deposits to total deposits: Jun-20: 70.6; Dec-22: 71.7

### External financing requirements and sources (summary)
- External financing requirements (millions of US$; FY2020–FY2028 projections):
  - FY2020: 66
  - FY2021: 131
  - FY2022: 715
  - FY2023: 924
  - FY2024: 823
  - FY2025: 862
  - FY2026: 400
  - FY2027: 454
  - FY2028: 539
- Principal sources highlighted:
  - Official disbursements, excluding budget support (millions of US$): FY2020: 116; FY2021: 190; FY2022: 254; FY2023: 530; FY2024: 632; FY2025: 638; FY2026: 170; FY2027: 170; FY2028: 355
  - Foreign direct investment (net, millions of US$): FY2020: 25; FY2021: 51; FY2022: 57; FY2023: 106; FY2024: 114; FY2025: 122; FY2026: 173; FY2027: 277; FY2028: 172
  - Change in central bank's NFA (+ is decrease; millions of US$): FY2020: -350; FY2021: -91; FY2022: 467; FY2023: -150; FY2024: -25; FY2025: -25; FY2026: -25; FY2027: -75; FY2028: -150
  - Additional financing memoranda:
    - IMF disbursement under RCF: FY2020: 111; FY2021–FY2028: 0 (projected)
    - IMF debt relief under CCRT: FY2020: 6; FY2021: 11; FY2022: 4; FY2023–FY2028: 0
    - Change in arrears (millions of US$): FY2020: 96; FY2021: 90; FY2022: 81; FY2023–FY2028: 0

*Source: https://www.imf.org/-/media/files/publications/cr/2023/english/1htiea2023003.pdf*

### Appendix I. Letter of Intent

### Appendix I. Letter of Intent

### Context and recent shocks
- The Staff Monitored Program (SMP) approved in June 2022 has anchored macroeconomic policies and structural reforms amid multiple challenges.
- External and domestic shocks cited:
  - Spillovers from the Russian invasion of Ukraine.
  - Recent cholera outbreak.
  - Internal escalation of violence.
- Financial assistance: SDR 81.9 million (50 percent of Haiti’s quota) under the Food Shock Window (FSW) of the Rapid Credit Facility (RCF), January 2023.
- Reserves and buffers: Reserves reached US$396 million in April 2023.

### Macroeconomic performance and outlook
- Growth:
  - Economic growth contracted for the fourth consecutive year in the fiscal year ending September 30, 2022, by 1.7 percent.
  - Growth will likely be muted in the current year.
- Inflation:
  - Year-on-year inflation grew to 48.3 percent in March from 38.7 percent in September, largely reflecting the surge in global food prices.
  - Inflation (year-on-year) is expected to decelerate steadily to about 31 percent by the end of FY2022-23, owing to stabilization of food and fuel prices in world markets.
- Fiscal deficit expectations and program anchors:
  - Expected end-of-year overall deficit for the nonfinancial public sector: 1.9 percent of GDP (somewhat below the 2 percent projected at the time of the First Review of the SMP).
  - FY2022-23 budget targets a fiscal deficit of less than 1.9 percent of GDP, well below the 2.3 percent of GDP projected at the start of the SMP program.
  - Funding under the FSW equal to about 0.5 percent of GDP is included in spending plans.
  - Monetary financing of the deficit expected to decline markedly during the fiscal year, mostly reflecting significantly lower budgetary pressure from fuel subsidies.

### Fiscal policy, transparency, and public finance reforms
- Budget and fiscal framework:
  - On December 19, 2022, authorities approved the FY2022-23 budget and adopted a medium-term fiscal framework for FY2023–FY2025 with the NFPS deficit as the main anchor—the first in the country’s history.
  - For the first time, the budget document includes forward estimates of central government revenues and expenditures through 2025.
- Tax and customs reforms:
  - Adopted a new Tax Code and Tax Procedures Code, which simplify personal and corporate income taxes and eliminate many exemptions.
  - All codes and tariffs related to customs have been published.
  - These reforms are expected to enter into force on October 1, 2024.
- Transparency and accountability commitments:
  - Commit to publish comprehensive monthly reports on budget implementation no later than 45 days after the end of each month.
  - Commit to conduct internal audits of expenditures by all ministries involved in the use of emergency resources provided under the FSW.
  - Requested an IMF Governance Diagnostic to identify next priorities for governance and anti-corruption reforms.
- Reserves and payments policies:
  - Committed to avoid imposition or intensification of exchange and trade restrictions on making payments and transfers for current international transactions, and to not introduce or modify any multiple currency practices.
  - Committed to limit foreign exchange intervention only to smoothing excess volatility.

### Structural reform progress and capacity development
- IMF technical assistance and capacity development have been integral; every structural benchmark has been mapped with capacity development provision.
- Key accomplishments and reforms:
  - FY2021 financial audit of the Bank of the Republic of Haiti (BRH) completed and audited financial statements published.
  - Publication of all public procurement contracts awarded since November 9, 2021 procurement decree No. 52, including beneficial owner information (monthly structural benchmark).
  - Expansion of the Treasury Single Account (TSA) at the central bank to include main central budgetary units, including the emergency fund (end-September 2022 structural benchmark) — completed in December.
  - Restoration of the Board of Directors of the Economic and Social Assistance Fund (FAES), which now meets quarterly, and publication of consolidated quarterly FAES financial statements (quarterly structural benchmark).
  - Issued a decree making compulsory the use of a unique Taxpayer Identification Number (TIN) for all finance departments, with sanctions for fraudulent or non-use; published the TIN database and the file of active taxpayers (completed in April).
  - Amended the Central Bank Law with Legal Department assistance; the BRH Board of Directors endorsed amendments in April (accomplished in April; noted as completed after the end-March test date).
  - Revised AML/CFT legal framework; Council of Ministers approved revisions in late April (met end-April 2023 test date).

### Performance under the SMP and targets status
- Overall assessment: Performance under the 2022 SMP since the First Review has been satisfactory overall, given domestic and international constraints and the political transition.
- Quantitative and indicative targets (high-level outcomes and status):
  - At end-December 2022, authorities met by a large margin quantitative targets on:
    - Net international reserves of the central bank (floor).
    - Primary balance of the NFPS (floor).
    - Ceiling for net central bank credit to the NFPS.
  - Budget allocation to the Ministry of Social Affairs and Labor (MAST) end-December target was missed while designing a detailed strategy to tackle food insecurity and strengthen the social safety net in light of the FSW disbursement.
  - Continuous QTs: met two on arrears and one on no new contracting or guaranteeing by the public sector of non-concessional external debt.
  - End-March 2023: met four of the five indicative targets (ITs); narrowly missed end-March IT on government tax revenue due to lower-than-expected fuel revenues (which had been revised up at the time of the first review).
  - Overall nominal revenues in the fiscal year have been more buoyant than expected at SMP approval.
- Structural benchmarks: Despite security challenges, good progress on structural reform, capacity building, and governance; specific SBs and status summarized in Appendix I. Table 2 (examples above).

### Specific policy measures under consideration
- Fuel subsidy reform:
  - Authorities consider fuel subsidy reform essential for medium-term fiscal sustainability.
  - SMP does not include conditions on the specific timing of the reform; authorities will take the lead on modalities and timing considering political and social implications.
  - Increases in fuel prices in September 2022 eliminated fuel subsidies "for now."
  - Future policy: implement a comprehensive and transparent policy framework with a predictable and regular automatic pricing mechanism that reflects global market price changes.
  - Reform will be accompanied by mitigating measures to protect the most vulnerable.

### Request and concluding statement
- In view of macroeconomic policies implemented and progress on structural reforms, the government requests completion of the Second Review of the SMP.
- Letter signed by:
  - Michel Patrick Boisvert, Minister for Economy and Finance.
  - Jean Baden Dubois, Governor of the Bank of the Republic of Haiti.

*Source: Appendix I. Letter of Intent (SMP) — Haiti.*

### 7.      Non-financial public sector (NFPS). The NFPS includes the central government, special

### 1htiea2023003 - 7. Non-financial public sector (NFPS)

### Definitions and Scope
- NFPS includes: the central government, special funds and programs (defined in paragraph 3), other autonomous state organizations of an administrative, cultural, or scientific nature, including the FAES and the BMPAD (paragraphs 4 and 5), EDH (paragraph 6), the Civil Service Pension Plan and the National Old Age Insurance Office (ONA), and local governments.
- Public sector (PS) comprises: the nonfinancial public sector, state-owned banks, and nonbank financial SOEs (enterprises over 50 percent state-owned), and the BRH.
- Budgetary grants: grants received from Haiti’s bilateral or multilateral partners (including the European Union, the Inter-American Development Bank, the World Bank, the Caribbean Development Bank, and bilateral donors) for general or sector budget support purposes.

### Program Monitoring and Exchange Rates
- Quantitative targets (QTs) are assessed in terms of cumulated flows from a reference date set at the end of the previous fiscal year.
- Program exchange rates (as agreed for program valuation of foreign currency assets/liabilities and flows except budgetary-account elements):
  - HTG 100.0123/US$ (BRH reference rate as at December 16, 2021)
  - US$1.133600/EUR
  - SDR 0.7154070/US$ (rates as at December 16, 2021 published by the IMF)

### Net Central Bank Credit to the Nonfinancial Public Sector (Selected figures)
- Net central bank credit to the nonfinancial public sector:
  - September 2021: 160,047,059.23
  - June 2022: 202,143,310.10
  - September 2022: 216,907,796.47
  - December 2022: 229,435,028.69
  - March 2023: 223,182,962.36
- Net credit on central government:
  - September 2021: 162,196,977.99
  - June 2022: 181,732,827.46
  - September 2022: 194,641,384.26
  - December 2022: 207,903,639.72
  - March 2023: 202,230,795.64
- Claims on central government:
  - September 2021: 200,791,090.44
  - June 2022: 257,194,431.71
  - September 2022: 269,884,127.20
  - December 2022: 287,084,483.25
  - March 2023: 280,281,880.53
- Deposits by government:
  - September 2021: 38,777,196.75
  - June 2022: 75,461,604.26
  - September 2022: 75,242,742.94
  - December 2022: 79,180,843.54
  - March 2023: 78,051,084.89
  - Deposits in current accounts (component):
    - September 2021: 26,730,369.21
    - June 2022: 36,813,575.11
    - September 2022: 31,796,307.42
    - December 2022: 37,204,239.38
    - March 2023: 35,505,990.16
    - Sight deposits (HTG):
      - September 2021: 7,073,003.48
      - June 2022: 11,406,902.81
      - September 2022: 10,720,115.47
      - December 2022: 8,660,112.36
      - March 2023: 8,097,527.55
    - Sight deposits (US$):
      - September 2021: 19,657,365.73
      - June 2022: 25,406,672.30
      - September 2022: 21,076,191.95
      - December 2022: 28,544,127.02
      - March 2023: 27,408,462.61
  - Securities seized UCREF:
    - September 2021: 594.75
    - June 2022: 594,748.67
    - September 2022: 594,748.67
    - December 2022: 594,748.67
    - March 2023: 594,748.67
  - Certified checks:
    - September 2021: 329,125.56
    - June 2022: 371,109.60
    - September 2022: 286,815.46
    - December 2022: 420,057.43
    - March 2023: 433,374.37
  - Certified bank checks:
    - September 2021: 25,041.45
    - June 2022: 25,041,448.88
    - September 2022: 25,043,228.88
    - December 2022: 25,041,448.88
    - March 2023: 25,041,448.88
  - Foreign Debt Special Fund:
    - September 2021: 55,669.97
    - June 2022: 194,883.78
    - September 2022: 117,742.54
    - December 2022: 87,072.38
    - March 2023: 157,727.34
  - Treasury special accounts:
    - September 2021: 6,762,697.60
    - June 2022: 10,361,354.81
    - September 2022: 12,201,556.37
    - December 2022: 13,134,148.93
    - March 2023: 13,495,990.60
  - Civil pension – investments transaction:
    - September 2021: 375,029.84
    - June 2022: 561,067.48
    - September 2022: 583,394.69
    - December 2022: 734,303.46
    - March 2023: 775,901.20
  - IMF debt relief after disaster:
    - September 2021: 2,410,591.87
    - June 2022: 1,907,738.95
    - September 2022: 1,965,245.23
    - December 2022: 2,398,082.26
    - March 2023: 2,508,910.19
  - Minus: Deposits from autonomous agencies (ONA):
    - September 2021: 276,996.07
    - June 2022: 390,420.44
    - September 2022: 390,990.39
    - December 2022: 435,533.09
    - March 2023: 496,919.37
- Net credit to the rest of the nonfinancial public sector:
  - September 2021: -2,149,918.76
  - June 2022: -5,200,078.71
  - September 2022: -3,346,147.14
  - December 2022: -4,079,172.38
  - March 2023: -4,597,008.35
  - Claims on the rest of the NFPS:
    - September 2021: 610,420.96
    - June 2022: 1,274,612.09
    - September 2022: 1,563,886.60
    - December 2022: 1,552,168.80
    - March 2023: 1,537,198.42
  - Deposits by the rest of the NFPS:
    - September 2021: 2,760,339.72
    - June 2022: 6,474,690.80
    - September 2022: 4,910,033.74
    - December 2022: 5,631,341.18
    - March 2023: 6,134,206.77
    - Deposits by autonomous agencies (ONA) (HTG and US$):
      - September 2021: 276,996.07
      - June 2022: 390,420.44
      - September 2022: 390,990.39
      - December 2022: 435,533.09
      - March 2023: 435,533.09
    - Local government deposits (sight deposits and certified checks):
      - September 2021: 489,202.33
      - June 2022: 967,138.58
      - September 2022: 747,632.79
      - December 2022: 702,627.07
      - March 2023: 471,181.47
    - Deposits by state-owned enterprises (sight deposits in gourdes and US$ and certified checks):
      - September 2021: 1,994,141.32
      - June 2022: 5,117,131.78
      - September 2022: 3,771,410.56
      - December 2022: 4,493,181.03
      - March 2023: 5,227,492.22

### Gross and Net International Reserves (Definitions)
- Gross international reserves: external assets readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets, maintaining confidence, and serving as a basis for foreign borrowing. Must be foreign currency assets and assets that actually exist. Swaps in foreign currency with domestic financial institutions and pledged or otherwise encumbered reserve assets are excluded.
- Net international reserves (NIR) of the BRH = BRH gross international reserves minus:
  - (i) gross external liabilities excluding allocations of SDRs and liabilities related to Haiti’s participation in the capital of international financial institutions,
  - (ii) foreign currency deposits of commercial banks at the BRH (sight deposits in US dollars and euro from BCM to BRH, and the CAM transfer),
  - (iii) commitments related to foreign currency swap transactions,
  - (iv) special foreign currency accounts,
  - (v) project accounts.
- IMF accounts (SDR holding, reserve position in the IMF, and liabilities to the IMF) come from the IMF Finance Department for NIR calculation.

### BRH Net International Reserves (Selected figures)
- BRH gross international reserves (reported and selected components):
  - September 2021 (gourdes): 243,268,752.78
  - December 2022 (gourdes): 316,451,257.94
  - March 2023 (gourdes): 366,494,781.48
- Net international reserves of the BRH:
  - September 2021 (gourdes / US$): 41,397,115.02 / 413,920.24
  - June 2022 (gourdes / US$): 28,020,274.18 / 280,168.28
  - September 2022 (gourdes / US$): 18,613,956.26 / 186,116.67
  - December 2022 (gourdes / US$): 48,888,812.01 / 488,827.99
  - March 2023 (gourdes / US$): 85,726,736.23 / 857,161.93
- Selected BRH gross international reserves components (examples):
  - Gold holdings:
    - September 2021: 9,880,753.71
    - June 2022: 11,973,510.09
    - September 2022: 11,412,086.84
    - December 2022: 15,348,726.46
    - March 2023: 17,430,730.50
  - Investments abroad:
    - September 2021: 189,797,159.80
    - June 2022: 196,580,981.41
    - September 2022: 193,091,082.97
    - December 2022: 244,288,639.59
    - March 2023: 267,302,901.83
  - Minus: Foreign liabilities (examples):
    - September 2021: 70,137,904.62
    - June 2022: 75,598,035.47
    - September 2022: 68,823,699.75
    - December 2022: 74,731,137.84
    - March 2023: 78,096,292.51
  - Debt service payment to PDVSA (included in foreign liabilities):
    - September 2021: 42,558,855.10
    - June 2022: 53,576,083.08
    - September 2022: 47,334,516.73
    - December 2022: 48,095,651.71
    - March 2023: 49,824,567.07
- Notes:
  - Exchange rate used for tables: HTG 100,0123/US$.
  - Debt service payment to PDVSA equals the amount in escrow account; Haiti has had difficulties processing payments to Venezuela for debts incurred under the Petrocaribe agreement owing to international sanctions. Debt service payments to Venezuela are being placed in an escrow account in U.S. dollars held at the BRH.

### Budgetary Grants and Adjusters
- Projected budgetary grants (Appendix II. Table 3) — cumulative flows:
  - Dec. 2021: 15.2
  - March 2022: 15.2
  - June 2022: 45.7
  - Sept. 2022: 60.9
  - Dec. 2022: 24.7
  - March 2023: 49.5
  - June 2023: -
  - Sept. 2023: -
- If budgetary grants are lower than expected, the floor on net international reserves will be adjusted downwards by the amount of the difference. The floor will not be adjusted upwards if budgetary grants exceed expected levels.

### Primary Balance and Financing Definitions
- Domestic arrears of the central government: expenditure accepted by the Treasury and unpaid after 90 days, despite delivery of the corresponding goods and services. Domestic arrears do not include unpaid off-budget government commitments.
- Unpaid off-budget central government commitments: liabilities incurred outside the budgetary process (from ministries or other public bodies) which may give rise to contingent claims against central government resources.
- Net domestic financing of the NFPS = sum of:
  - (i) net central bank credit to the NFPS;
  - (ii) net credit from domestic commercial banks to the NFPS (as reported in Standardized Report Form 2SR), including changes in NFPS deposits and net issuance of Treasury bills and other NFPS securities to commercial banks;
  - (iii) net nonbank credit to the NFPS, including net issuance of Treasury bills and other NFPS securities to nonbank institutions, change in the net position of the NFPS vis-à-vis the electricity sector (including independent power producers), and net change in suppliers’ credit and domestic arrears of central government.
- Net external financing of the NFPS = sum of:
  - (i) new external loan disbursements (excluding IMF loans);
  - (ii) net change in external arrears minus external loan amortizations.
- Primary balance of the NFPS (for program purposes) = net domestic financing of the NFPS + net external financing of the NFPS − interest payments on public debt.
- If budgetary grants do not reach expected levels, the floor on the primary balance includes an asymmetric adjuster: floors on the primary balance will be reduced by the amount of budgetary support deficits; floors will not change if external budget support exceeds projections.

### Social Spending and MAST Allocation
- Budget allocation to the Ministry of Social Affairs and Labor (MAST) for social expenditure is defined as the sum (excluding transfers to the population) of the budget allocation (or expenditure implemented if lower) for all social programs of the MAST budget, including resources allocated and implemented by:
  - FAES, the Emergency Program (2022), Klere Chimen, and activities of the Office of the State Secretary for Disability Inclusion (BSEIPH).
- The floor on the quantitative target applies to the sum of the allocations mentioned.

### Debt Definitions, Limits, and Targeted Restrictions
- Definition of debt (per Guidelines on Public Debt Conditionality, paragraph 8): a current liability, created under a contractual arrangement through provision of value in assets or services, requiring obligor to make future payments in assets or services to discharge principal and/or interest. Forms include:
  - i. loans (including deposits, bonds, debentures, commercial loans, buyers’ credits, repurchase agreements, official swap arrangements);
  - ii. suppliers’ credits (deferred payments after delivery of goods/services);
  - iii. leases (debt is PV at inception of lease of all lease payments expected during agreement excluding operation/repair/maintenance payments).
- Gross public debt: debt owned by the Nonfinancial public sector and comprised the advances by the Banque de la République d’Haiti (BRH) to the government.
- Debt guarantees by the public sector: explicit legal obligation to service a debt in the event of non-payment by the borrower (in return for payment in cash or in kind).
- Concessional debt: an external debt is considered concessional if it includes a grant element of at least 35 percent.
- External public debt: debt of the public sector contracted or serviced vis-à-vis non-residents; includes domestically issued debt held by non-residents (TMU assumes non-residents do not hold domestically issued public sector debt; stock will be adjusted if new information becomes available).
- Central government commitment (quantitative target): the central government undertakes not to contract or guarantee any new non-concessional external debt. This quantitative target:
  - also applies to domestic debt;
  - applies to any private debt guaranteed by the central government that constitutes a contingent liability.
- Exclusions from the ceiling on non-concessional external debt:
  - short-term (maturity less than one year) import-related credits;
  - rescheduling arrangements;
  - borrowing from the IMF;
  - non-resident purchases of treasury bills;
  - gourde-denominated BRH bills that are indexed to the exchange rate.
- Monitoring: this quantitative target will be monitored continuously by the authorities and any non-observance will be immediately reported to the Fund.

### External and Domestic Arrears
- Arrears on external debt of the public sector: all debt-service obligations (principal and interest) on loans contracted or guaranteed by the public sector that are due to non-residents but not paid on the due date; exclude those arising from obligations being renegotiated with external creditors and/or those that are litigious.
- For the quantitative target on the non-accumulation of new external debt arrears by the public sector, arrears resulting from non-payment of debt service due to international sanctions preventing payments to the creditor are excluded from the definition.
- Monitoring: this quantitative target will be monitored continuously by the authorities and any non-observance will be immediately reported to the Fund.
- Domestic arrears accumulation: domestic arrears of the central government defined above (unpaid after 90 days) are distinct from unpaid off-budget commitments.

*Source: IMF document sections on Non-financial public sector (NFPS), Quantitative Targets, Net Central Bank Credit to the NFPS, Net International Reserves, and Debt Conditionality.*

### 30.      Arrears on domestic debt of the central government. They include all debt-service

### 30.      Arrears on domestic debt of the central government

### Definition and monitoring
- Arrears on domestic debt of the central government include all debt-service obligations (principal and interest) on loans contracted or guaranteed by the central government that are due to residents but not paid 90 days after the due date set out in the loan contract.
- The quantitative target on domestic arrears accumulation will be monitored continuously by the authorities and any non-observance will be immediately report to the Fund.
- The authorities will inform IMF staff in writing at least 10 working days (excluding public holidays in Haiti) before any change in economic and financial policies that may affect the outcome of the program.
- A tool to calculate the grant element of a wide range of financial packages is available at: http://www.imf.org/external/np/pdr/conc/calculator/

### Reporting obligations and data revisions
- Any data revisions will be promptly communicated to IMF staff.
- With respect to continuous QTs, the authorities will report any non-observance to the IMF promptly.

### Summary of data to be provided — Real Sector
- National accounts — Annual — Year-end + 3 months
- Quarterly economic indicators (economic cycle) — Quarterly — Quarter-end + 2 months
- Consumer price index (including breakdowns) — Monthly — Month-end + 3 weeks

### Summary of data to be provided — Public Finances (selected items)
- Fiscal revenues (internal, external, other) — Monthly — Month-end + 1 week (4 final weeks final data)
- Expenditures on Cash Basis (wages and salaries, goods and services, external debt, current accounts) — Monthly — Month-end + 1 week (4 final weeks final data)
- Table of government financial transactions (TOFE) — Monthly — Month-end + 2 weeks
- Balance on current accounts and operation of projects — Monthly — Month-end + one month
- Table Underlying TOFE, which enables the determination of checks in circulation and balance on investment project accounts — Monthly — Month-end + one month
- Table on budget implementation with breakdown by ministry and other bodies and by type of expenditure — Monthly — Month-end + one month
- Total monthly amount of expenditure executed by transfer letters — Monthly — Month-end + one month
- Report on Revenue Collection of DGI (progress report) — Monthly — Month-end + one month
- Tables of revenue collection of AGD (port activity indicators, analytical report of customs receipts on import) — Monthly — Month-end + one month
- Table of revenue collected and authorized expenditure (TEREDA) — Monthly — Month-end + one month
- Detailed revenue and expenditures of BMPAD — Quarterly — Quarter-end + one month
- Report on social protection expenditures — Quarterly — 30-day lag (final data)
- Table on the implementation of the PSUGO program — Quarterly — 30-day lag (final data)
- Dashboard of the state electricity utility EDH showing monthly information on the production of electricity, making explicit the composition of production by independent electricity producers, EDH, and by region. — Monthly — 30-day lag (final data)
- EDH commercial data allowing the calculation of EDH's billing and collection rates — Monthly — Month-end + one week
- EDH cash data including all revenues and all expenditures (operating, investment, and other) — Monthly — Month-end + one month
- Information on any off-budget claims presented for payment — Monthly — Month-end + one month
- Stock of unpaid off-budget central government liabilities — Monthly — Month-end + one month
- Data on all fuel shipments per product giving the CIF import price, the full price structure (including stabilization margin) and import and consumption quantities. Data on actual collections for each month with a breakdown per product and tax type. — Monthly — Month-end + one week
- Table of import prices of petroleum products, by arrival — Monthly — Month-end + one month
- Table of imported quantities of petroleum products — Monthly — Month-end + one month
- “Stabilization margin” table of the Directorate of the Tax Inspectorate — Monthly — Month-end + one month
- “Petroleum product tax” table of the Directorate of the Tax Inspectorate — Monthly — Month-end + one month
- Details of the stock of all government borrowing and debt securities (interest rate, maturity, creditor if known) — Annual — End of financial year + 3 months
- Full amortization table of domestic and external government debt — Annual — End of financial year + 3 months
- Statement of stocks and flows of repayment of suppliers’ credits and payment arrears — Monthly — Month-end + one week

### Summary of data to be provided — Monetary and Financial Data (selected items)
- Exchange rate — Daily — Day-end + one day
- Monetary base and sources thereof and currency in circulation. — Weekly — Week-end + one week
- Aide Memoire Table containing, inter alia: (i) stock of BRH bonds; (ii) deposits at commercial banks; (iii) credit to private sector (in gourdes and U.S. dollars); (iv) details of inflows and outflows of foreign exchange reserves, including budget support received; (v) volume of foreign exchange transactions, including BRH sales and purchases; (vi) gross and net international reserves; (vii) net BRH credit to central government and the non-financial public sector; and stocks and interest rates of BRH bills. — Weekly — Week-end + one week
- Tables of monetary statistics showing, inter alia, the balance sheet of the BRH (Table Standardized Report Form-1SR) and the consolidated banking sector (Table Standardized Report Form -2SR) — Monthly — Month-end + one month
- IMF Weekly Tables showing, inter alia, the average and weighted interest rates on gourde and U.S. dollar-denominated deposits and credit, and the excess reserves in the banking system. — Monthly — Month-end + one month
- Monetary and financial statistics. Standardized reporting form, balance sheets of the Central Bank and other depository corporations. — Monthly — Month-end + one month
- Information on the composition of gross reserves. — Monthly — Month-end + one month
- Banking supervision statistics and commercial indicators on commercial banks. — Quarterly — Quarter-end + one month
- The calendar and planned placements of BRH gourde-denominated dollar-indexed bills, including in banks and nonbanks. — Quarterly — Quarter-end + one month
- Audited financial statements of the BRH — Annual — Year-end + 3 months

### Summary of data to be provided — Balance of Payments
- Balance of payments (first version) — Quarterly — Quarter-end + 6 weeks
- Revised balance of payments — Quarterly — 3 months after the first reporting
- BRH FX cash flow table; quarterly projections through end of fiscal year. — Quarterly — Quarter-end + one month

### Summary of data to be provided — External Debt and IIP
- External debt report prepared by the BRH showing monthly disbursements; debt service, debt forgiveness and rescheduling, arrears, and debt stocks. — Monthly — Month-end + one month
- Details of any external public debt and debt guaranteed by the State — Monthly — Month-end + one month
- Data on stocks, accumulation, and repayment of external arrears — Monthly — Month-end + 6 weeks
- Table of complete amortization of external debt — Annual — End of financial year + 3 months
- International Investment Position (IIP) — Annual — Year-end + 3 months

*Source: 1htiea2023003 - 30.      Arrears on domestic debt of the central government.*

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_Source: https://www.imf.org/-/media/files/publications/cr/2023/english/1htiea2023003.pdf_