## Haiti: Ex Post Assessment of Longer-Term Engagement

_IMF Staff Country Reports, January 5, 2015_

## Source details

**Canonical URL:** [Haiti: Ex Post Assessment of Longer-Term Engagement](https://www.imf.org/en/publications/cr/issues/2016/12/31/haiti-ex-post-assessment-of-longer-term-engagement-42581)

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## Bibliographic details
- Published: January 5, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484305751.002

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### Context and program objectives
- Two Fund-supported programs: 2006 program and 2010 program.
- 2006 program began as Haiti was making progress toward macroeconomic stabilization.
- 2010 program began in the aftermath of a devastating earthquake and faced a huge inflow of aid and the need to scale up public investment.
- Shared main objectives:
  - Preserving macroeconomic stability.
  - Creating conditions for a sustained growth takeoff through structural reform.
  - Fostering reforms to address long-standing governance and transparency concerns.
  - Improving revenue mobilization to increase fiscal space and reduce fiscal vulnerabilities.
- Growth target: rise to 4-6 percent, described as an ambitious objective given Haiti’s long history of serious fragility with near zero or negative growth.

### Notable outcomes and macroeconomic performance
- Inflation remained in single digits despite a series of shocks.
- International reserves increased by more than expected, helping to limit exchange rate volatility amid a large aid inflow.
- Program performance criteria effectively eliminated central bank credit to the government, reducing risks of fiscal dominance.
- Structural reforms advanced, particularly during the 2006 program which coincided with the HIPC process.
- Revenue administration improved, with tax revenue rising steadily over the two programs.
- Achievements characterized as notable given Haiti’s history.

### Key thematic findings
- Fiscal policy and fiscal space:
  - Improved revenue mobilization contributed to increased fiscal space and reduced fiscal vulnerabilities.
  - Elimination of central bank credit to the government reduced fiscal dominance risks.
- Public financial management and governance:
  - Structural reforms targeted governance and transparency concerns; progress was made especially during the 2006 program.
- External sector and reserves:
  - International reserves increased more than expected, aiding exchange rate stability during large aid inflows.
- Program design and shock responsiveness:
  - The 2010 program had to address post-earthquake challenges, including managing a large aid influx and scaling public investment.

### Implicit policy implications and priorities (as reflected in the assessment)
- Continue strengthening revenue administration to further increase fiscal space.
- Maintain program constraints that prevent central bank financing of the government to guard against fiscal dominance.
- Sustain efforts on governance and transparency reforms to support structural change and durable growth.
- Manage large aid inflows to preserve exchange rate stability and build international reserves.

*Source: Haiti: Ex Post Assessment of Longer-Term Engagement, IMF Staff Country Report No. 2015/004.*

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## Content in this bundle

- **Cr1504**
  - [Cr1504 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr1504.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/haiti-ex-post-assessment-of-longer-term-engagement-42581_