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International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2020 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Haiti’s Request for Disbursement Under the Rapid Credit Facility. Coronavirus disease 2019 (COVID-19) poses a major challenge for Haiti, a country in a fragile situation with very limited healthcare services, just emerging from two years of socio-political instability and worsening economic hardship. Measures are being taken by the government to stop the spread of the virus and to cushion the economic impact of the shock. IMF emergency support under the Rapid Credit Facility will help fill the balance of payments gap and create fiscal space for essential health expenditures, income support to workers, and cash and in-kind transfers to households. In order to address the crisis, scarce budgetary resources will need to be allocated to critical spending on disease containment and increased social assistance to the most vulnerable. In order to ensure the appropriate use of emergency financing, the authorities should prepare monthly budget execution reports on COVID-19 expenditures and undertake an ex-post financial and operational audit of COVID-related operations.
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper focuses on Haiti near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The outbreak has greatly amplified uncertainty and downside risks around the outlook. The IMF staff is closely monitoring the situation and will continue to work on assessing its impact and the related policy response in Haiti and globally. Income inequality can hamper economic growth and development. Currently, the financial needs of the rural poor are sustained by microfinance institutions, financial cooperatives, humanitarian programs, and remittance providers. Greater financial inclusion could also be reached via solutions outside of traditional banking practices, including through fintech initiatives. In addition to being a moral imperative, addressing gender inequality is necessary for generating broad-based and inclusive growth. Formal employment opportunities for women need to be expanded. A good start would be to implement the 30 percent quota reserved for women in public-sector appointments, which was introduced in 2012 but never enforced.
International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation discusses that driven by popular frustration with high levels of corruption and inequality, Haiti has been experiencing a protracted political crisis and prolonged civil unrest. The baseline scenario assumes some stabilization in the political situation by early 2020 but no major political or economic reforms. This would allow growth to recover only gradually and in the absence of sustained implementation of good policies and structural reforms, potential growth would remain low at about 1.4 percent over the medium term. Downside risks, both domestic and external, remain elevated. A prolongation of political instability, extreme natural disaster, drop in remittances, and/or a contraction in exports because of trade tensions would worsen the outlook, particularly given the absence of buffers and fragile social conditions. The challenge is to stabilize the macroeconomic situation in an unstable political context. The IMF Staff encourages the authorities to continue their efforts to contain the fiscal deficit and its monetary financing by the central bank. Improving domestic revenue collection and redirecting current spending would help create space for much needed social and capital expenditures. Together with steps to strengthen the central bank’s autonomy and legal framework, this would help reduce fiscal dominance.
International Monetary Fund
In direct response to the COVID-19 crisis the International Monetary Fund (IMF) Executive Board has adopted some immediate enhancements to its Catastrophe Containment and Relief Trust (CCRT) to enable the Fund to provide debt service relief for its poorest and most vulnerable members. The CCRT enables the IMF to deliver grants for debt relief benefiting eligible low-income countries in the wake of catastrophic natural disasters and major, fast-spreading public health emergencies.
Mr. Serhan Cevik and Tianle Zhu
Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study examines the relationship between monetary autonomy and inflation dynamics in a panel of Caribbean countries over the period 1980–2017. The empirical results show that monetary independence is a significant factor in determining inflation, even after controlling for macroeconomic developments. In other words, greater monetary policy independence, measured as a country’s ability to conduct its own monetary policy for domestic purposes independent of external monetary influences, leads to lower consumer price inflation. This relationship—robust to alternative specifications and estimation methodologies—has clear policy implications, especially for countries that maintain pegged exchange rates relative to the U.S. dollar with a critical bearing on monetary autonomy.
Mr. Maximilien Queyranne, Mr. Wendell Daal, and Ms. Katja Funke
To provide policymakers in the Caribbean with a governance framework for improving infrastructure through Public-Private Partnerships (PPPs), while limiting their fiscal costs and risks for the government. And to showcase Canada support to FAD technical assistance in the region and FAD collaboration with CARTAC and the Caribbean Development Bank