IMF and Haiti Conclude Virtual Mission on the Fourth Review Staff-Monitored Program
IMF News, September 28, 2026
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- Published: September 28, 2026
Mission outcome and agreement
- International Monetary Fund (IMF) staff and the Haitian authorities reached staff-level agreement on the Fourth Review of the Staff-Monitored Program (SMP), subject to approval by IMF Management.
- A virtual IMF staff team led by Mr. Camilo E. Tovar conducted the mission during September 14-25, 2026.
- The SMP remains an informal arrangement to monitor implementation of the authorities’ economic program and to build a track record that could pave the way for IMF-supported financial assistance with access to upper credit tranche (UCT) resources.
Macroeconomic context and outlook
- The economy remains fragile and is expected to contract for an eighth consecutive year in FY2026 (statement attributed to IMF staff).
- Inflation is projected at about 16 percent year-on-year in FY2026 (statement attributed to IMF staff).
- Inflation peak cited as over 32 percent in October 2025 (statement attributed to IMF staff).
- Financial intermediation remains subdued amid weak activity and heightened uncertainty (statement attributed to IMF staff).
- The current account is expected to remain in surplus despite a weak trade balance (statement attributed to IMF staff).
- Gross international reserves are reported as adequate at about seven months of prospective imports (statement attributed to IMF staff).
- Net international reserves increased to about USD 1.9 billion by end-June 2026 (statement attributed to IMF staff).
Program implementation and targets
- At end-June 2026, all quantitative and indicative targets were met except the continuous target on the non-accumulation of external arrears (statement attributed to IMF staff).
- Temporary external arrears emerged due to administrative and capacity constraints and were promptly cleared (statement attributed to IMF staff).
- The ceiling target on central bank financing of the nonfinancial public sector was met at end-June 2026 (statement attributed to IMF staff).
- The implementation of the structural reform agenda is advancing, albeit with some delays reflecting capacity constraints and a very difficult operating environment (statement attributed to IMF staff).
Key vulnerabilities and shocks
- Persistent insecurity, dire humanitarian and social conditions, and multiple adverse shocks weigh on the outlook (statement attributed to IMF staff).
- Higher oil prices are putting pressure on fiscal and external positions and contributing to higher living costs (statement attributed to IMF staff).
- The end of Temporary Protected Status (TPS) for Haitians in the United States could reduce remittance inflows and aggravate vulnerabilities (statement attributed to IMF staff).
- Risks to the outlook are tilted to the downside and include: renewed security setbacks; higher oil prices; delayed pass-through of fuel-price and minimum-wage increases; weaker remittance inflows following TPS termination; and possible El Niño-related drought (statement attributed to IMF staff).
- Upside factors identified include lower oil prices, stronger security gains, and a smooth electoral process that reduces uncertainty and bolsters confidence (statement attributed to IMF staff).
SMP priorities and policy recommendations
- Strengthening governance and financial integrity
- Operationalize recently established specialized judicial chambers for complex financial crimes and mass crimes.
- Implement the National Risk Assessment action plan and advance Financial Action Task Force (FATF)-related reforms.
- Resource adequately the Central Financial Intelligence Unit (UCREF), strengthen beneficial ownership transparency, enhance interagency coordination, and improve asset tracking and recovery.
- Strengthening revenue mobilization
- Entry into force of the new tax code on October 1st is identified as an important milestone.
- Priorities include effective implementation of the new tax code, modernization of tax and customs administration, stronger tax-customs interoperability, and maintenance of a transparent, rules-based fuel pricing framework.
- Making more effective use of public resources
- Strengthen cash and public investment management, commitment controls, and implement Treasury Single Account consolidation.
- Strengthen payroll integrity and wage bill management to create room for priority spending.
- Improve expenditure traceability, beneficiary identification, and targeting of social assistance.
- Effective use of remaining resources from the IMF 2023 Food Shock Window while addressing oversight and audit findings.
- Maintain prudent debt management practices and secure adequate resources for timely debt service obligations.
- Maintaining confidence in the monetary and exchange rate framework
- The Banque de la République d'Haïti (BRH) remains committed to preserving price and exchange rate stability.
- Preserve adequate reserve buffers and continue implementation of the reserve management strategy with stronger internal controls, clearer risk-management practices, enhanced governance of investment decisions, and progress on IT security and business continuity arrangements.
- Strengthening financial sector oversight
- Continue progress in risk-based supervision, including testing of risk assessment grids and rating matrices and finalizing a new chart of accounts for financial institutions.
- Improving data quality and timeliness
- BRH has completed publication of the FY2024 audit and financial statements; work is ongoing to address audit qualifications and recommendations for FY2023.
- Timely publication of FY2025 and FY2026 financial statements and audit reports is urged.
- Strengthen economic and financial statistics, including external sector statistics through transition to BPM6 and enhanced reserve reporting.
- IMF technical assistance, including through the Caribbean Regional Technical Assistance Centre (CARTAC), will support these efforts.
- Mobilizing development partner support
- Timely and predictable external support—grant financing and concessional debt to ensure debt sustainability—together with capacity development, will help address urgent humanitarian, security, and development needs and strengthen policy implementation.
- Support should be accompanied by rigorous appraisal, transparency requirements, and effective monitoring of donor-financed operations.
- IMF staff will collaborate with development partners, including through the “Compact for Recovery and Prevention” prepared by the Government of Haiti with the World Bank and other partners (statement attributed to IMF staff).
Engagement and acknowledgements
- The IMF staff team met with the Minister of Economy and Finance, Mr. Serge Gabriel Collin, the Governor of the Banque de la République d'Haïti, Mr. Ronald Gabriel, and other senior officials (statement attributed to IMF staff).
- The mission acknowledged the authorities’ cooperation and open, constructive discussions (statement attributed to IMF staff).