IMF's Executive Board Completes the Sixth Review Under Haiti’s ECF Arrangement and Approves US$2.5 Million DisbursementPress Release No. 13/298
August 2, 2013
The Executive Board of the International Monetary Fund (IMF) completed the sixth review of Haiti’s performance under its program supported by the Extended Credit Facility (ECF) arrangement on August 2, 2013. The Board also approved an extension of the arrangement until August 29, 2014 and a rephasing of disbursements. The Board's decision was taken on a lapse of time basis.1 Completion of the review will enable an immediate disbursement equivalent to SDR 1.638 million (about US$2.5 million), bringing total disbursements under the program to date to the equivalent of SDR 37.674 million (about US$56.8 million).
Haiti’s ECF arrangement was approved on July 21, 2010 (see Press Release No. 10/299) together with the full relief of the country’s outstanding debt to the Fund of about SDR 178 million (equivalent to US$268 million). The debt relief, financed by the Post-Catastrophe Debt Relief (PCDR) Trust Fund, is part of a broad international strategy to support Haiti’s longer-term economic reconstruction plans, following the devastating earthquake of January 12, 2010. The Haitian authorities have developed an economic program for 2013-2014 that will be supported by the extension of the current ECF arrangement and will allow the authorities to secure gains to date and complete key reforms, particularly in the fiscal area.
1 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.