Haiti: Request for the Disbursement Under the Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Haiti

IMF Staff Country Reports, February 7, 2023

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Haiti: Request for the Disbursement Under the Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Haiti

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Bibliographic details

• Published: February 7, 2023
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400234156.002

Overview and Context

• Discusses Haiti’s Request for Disbursement under the Rapid Credit Facility (RCF).
• Highlights that Haiti’s population was already suffering severe malnutrition and food insecurity before the war in Ukraine, and that these conditions have been compounded by the surge in food commodity prices.
• Notes IMF emergency support under the food shock window of the RCF will help fill the balance of payment gap and support those most affected by food price rises.

Key Findings and Intended Uses of RCF Support

• IMF emergency support under the food shock window of the RCF will:
  • Help fill the balance of payment gap.
  • Support those most affected by food price rises through feeding programs and cash and in-kind transfers to vulnerable households.
  • Waive school fees and implement other measures to protect vulnerable populations.
• The combination of appropriate macroeconomic and structural policies under the Staff-Monitored Program (SMP) provides additional safeguards for the IMF’s outstanding obligations.
• The SMP is catalytic to donor support.

Macroeconomic and Monetary Guidance

• While providing adequate liquidity support to the financial sector, the central bank should:
  • Reduce monetary financing of the deficit.
  • Limit foreign exchange interventions to smoothing volatility.

Policy Priorities and Expected Outcomes

• A successful implementation of Haiti’s SMP would be key to:
  • Restoring macroeconomic stability and sustainability.
  • Strengthening the social safety net.
  • Tackling governance weaknesses and corruption.

Subject Areas and Keywords

• Subject: Commodity price shocks, Credit, Debt sustainability analysis, External debt, International organization, Monetary policy, Money, Prices, Public debt
• Keywords: Commodity price shocks, Credit, Debt sustainability analysis, Global, governance Diagnostic, Haitian authorities, international community, record price inflation, SMP objective, transparency policy

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