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Haiti: Ex Post Assessment of Longer-Term Engagement

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  • International Monetary Fund

Abstract

EXECUTIVE SUMMARY Haiti’s 2006 and 2010 Fund-supported programs started under very different circumstances but shared the main objectives of preserving macroeconomic stability and creating the conditions for a sustained growth takeoff through structural reform. The 2006 program started as Haiti was making progress toward macroeconomic stabilization. Reducing inflation and avoiding fiscal dominance of monetary policy were top priorities. The 2010 program started in the aftermath of a devastating earthquake. It faced the challenges of dealing with a huge inflow of aid and scaling up public investment. Both programs aimed to foster reforms to address long-standing governance and transparency concerns, as well as improving revenue mobilization to increase fiscal space and reduce fiscal vulnerabilities. Growth was to rise to 4-6 percent, an ambitious objective given Haiti’s long history of serious fragility with near zero or negative growth. There were notable successes during the two programs. Despite a series of shocks, inflation remained in single digits and international reserves increased by more than expected, which helped to limit exchange rate volatility in the context of the large aid inflow. Program performance criteria effectively eliminated central bank credit to the government, thus reducing risks of fiscal dominance. Structural reforms also advanced, particularly during the 2006 program which coincided with the HIPC process. Revenue administration improved, with tax revenue rising steadily over the two programs. These achievements were not negligible given Haiti’s history.

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  • International Monetary Fund, 2015. "Haiti: Ex Post Assessment of Longer-Term Engagement," IMF Staff Country Reports 2015/004, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2015/004
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    3. International Monetary Fund, 2006. "Haiti: Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility-Staff Report; Staff Press Release on the Executive Board Discussion; and Statement by the Executive Director," IMF Staff Country Reports 2006/441, International Monetary Fund.
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    6. International Monetary Fund, 2006. "Kyrgyz Republic: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility—Staff Report; and Press Release on the Executive Board Consideration," IMF Staff Country Reports 2006/235, International Monetary Fund.
    7. Ms. Nicole Laframboise & Mr. Boileau Loko, 2012. "Natural Disasters: Mitigating Impact, Managing Risks," IMF Working Papers 2012/245, International Monetary Fund.
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    Cited by:

    1. Rohan Best & Paul J. Burke, 2019. "Macroeconomic impacts of the 2010 earthquake in Haiti," Empirical Economics, Springer, vol. 56(5), pages 1647-1681, May.

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