IMF Releases Report on Haiti's Rapid Credit Facility

IMF News, February 6, 2017

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The IMF released the staff report prepared in connection with the approval of the Rapid Credit Facility (RCF) for Haiti in the wake of Hurricane Matthew.
On November 18, 2016, the Board approved Haiti’s request for a disbursement of 30.7125 million SDR (about US$41.6 million) in financial assistance under the RCF to help with urgent balance of payments needs following the Category 4 hurricane that struck the nation on October 4.

Haiti has peacefully elected a new president, Jovenel Moise, who is due to be inaugurated February 7.
With support of the RCF disbursement, the Banque de la République d’Haïti (BRH) has continued to rebuild its net international reserves.
Pace of currency depreciation:
- 25 percent year-on-year through September 2016
- 17 percent year-on-year in December (10.5 percent quarter-on-quarter annualized rate)
Consumer price index (CPI) inflation:
- 12.5 percent in September 2016
- 14.3 percent in December 2016
Increases in food prices—due in part to the hurricane—contributed to the rise in CPI inflation.

Haiti continues to face substantial challenges as a country with widespread development needs.
The successful conclusion of the presidential election provides an opportunity to rebuild from the storm and to advance the reform agenda.
The IMF looks forward to continuing to work with the Haitian authorities in designing policies to support the macroeconomic stability needed to boost economic growth.

Press Release No. 17/37, February 6, 2017.