{
  "title": "IMF Management Approves an Extension of the Staff Monitored-Program with Haiti and the Modification of the Performance Criteria",
  "publication": "IMF News, March 8, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/03/08/pr2479-haiti-imf-management-approves-extension-smp-modification-performance-criteria",
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  "summary": "Management of the International Monetary Fund (IMF) approved on December 21, 2023, an extension of the Staff-Monitored Program (SMP) with Haiti through September 30, 2024.",
  "publishDate": "2024-03-08",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Management of the International Monetary Fund (IMF) approved on December 21, 2023, an extension of the Staff-Monitored Program (SMP) with Haiti through September 30, 2024.\n- The extension is a nine-month extension of the SMP covering the period through September 2024.\n- Original SMP approved in June 2023 for a nine-month period spanning from June 30 2023 through March 31, 2024, and has now been extended through September 2024.\n- The SMP is an informal arrangement between national authorities and IMF staff to monitor the authorities’ economic program; SMP Staff reports are issued to the Board for information and do not entail endorsement by the IMF Executive Board."
    },
    {
      "heading": "Objectives and focus of the SMP",
      "content": "- Strengthening governance.\n- Fighting corruption.\n- Enhancing transparency and accountability in the use of public spending, including through data transparency to help ensure public funds are used appropriately.\n- Supporting the authorities’ efforts to raise inclusive growth."
    },
    {
      "heading": "Modifications and additional conditionality introduced with the extension",
      "content": "- New quantitative targets and additional structural conditionality were added as a result of the extension; these will be monitored through a Third Review (in addition to First and Second reviews already envisaged) with test date at the end of June 2024.\n- New additional benchmarks include:\n  - The publication of the IMF governance diagnostics report and an associated action plan agreed by the authorities.\n  - The provision of more granular monetary data, including detailed information on government deposits at the central bank.\n  - The publication of core macroeconomic and financial indicators according to timeliness and periodicity of the Enhanced General Data Dissemination System (e-GDDS).\n  - The publication of the upcoming annual audit of the central bank for FY2023, undertaken, as usual practice, by an independent international audit firm.\n- Management approved the modification of quantitative targets from December 2023."
    },
    {
      "heading": "Rationale for modifications",
      "content": "- The modification of quantitative targets was warranted given the deterioration of the outlook relative to June 2023.\n- The original letter of intent (LOI) in June 2023 had envisaged the possibility to request an extension if circumstances required to allow establishing a solid track record of policy implementation."
    },
    {
      "heading": "Reviews, consultations, and next steps",
      "content": "- The additional structural conditionality and targets will be monitored through a Third Review with test date at the end of June 2024.\n- The authorities had agreed to start holding the 2024 Article IV consultation discussions remotely in February 2024, which are currently ongoing.\n- An updated Country Engagement Strategy will be prepared in that context, including to enhance collaboration with development partners in line with the Fund Strategy for Fragile and Conflict-Affected States, particularly given the critical role of development partners on capacity development and financing.\n\nSource: IMF press release, March 8, 2024.\n\n---\n\n\n References\n\n- Haiti and the IMF\n- Press Releases\n- PRESS CENTER\n- a new Staff-Monitored Program (SMP) in June 2023\n- Enhanced General Data Dissemination System\n- Strategy for Fragile and Conflict-Affected States\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/03/08/pr2479-haiti-imf-management-approves-extension-smp-modification-performance-criteria"
    }
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    "Published: March 8, 2024",
    "Management of the International Monetary Fund (IMF) approved on December 21, 2023, an extension of the Staff-Monitored Program (SMP) with Haiti through September 30, 2024.",
    "The extension is a nine-month extension of the SMP covering the period through September 2024.",
    "Original SMP approved in June 2023 for a nine-month period spanning from June 30 2023 through March 31, 2024, and has now been extended through September 2024.",
    "The SMP is an informal arrangement between national authorities and IMF staff to monitor the authorities’ economic program; SMP Staff reports are issued to the Board for information and do not entail endorsement by the IMF Executive Board.",
    "Strengthening governance.",
    "Fighting corruption.",
    "Enhancing transparency and accountability in the use of public spending, including through data transparency to help ensure public funds are used appropriately.",
    "Supporting the authorities’ efforts to raise inclusive growth.",
    "New quantitative targets and additional structural conditionality were added as a result of the extension; these will be monitored through a Third Review (in addition to First and Second reviews already envisaged) with test date at the end of June 2024.",
    "New additional benchmarks include:",
    "Management approved the modification of quantitative targets from December 2023.",
    "The modification of quantitative targets was warranted given the deterioration of the outlook relative to June 2023.",
    "The original letter of intent (LOI) in June 2023 had envisaged the possibility to request an extension if circumstances required to allow establishing a solid track record of policy implementation.",
    "The additional structural conditionality and targets will be monitored through a Third Review with test date at the end of June 2024.",
    "The authorities had agreed to start holding the 2024 Article IV consultation discussions remotely in February 2024, which are currently ongoing.",
    "An updated Country Engagement Strategy will be prepared in that context, including to enhance collaboration with development partners in line with the Fund Strategy for Fragile and Conflict-Affected States, particularly given the critical role of development partners on capacity development and financing.",
    "[Haiti and the IMF](http://www.imf.org/external/country/HTI/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[a new Staff-Monitored Program (SMP) in June 2023](https://www.imf.org/en/News/Articles/2023/08/30/pr23298-haiti-imf-management-approves-a-new-staff-monitored-program-with-haiti)",
    "[Enhanced General Data Dissemination System](https://dsbb.imf.org/e-gdds)",
    "[Strategy for Fragile and Conflict-Affected States](https://www.imf.org/en/Publications/Policy-Papers/Issues/2022/03/14/The-IMF-Strategy-for-Fragile-and-Conflict-Affected-States-515129)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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