1. During the period under review Haiti suffered two new natural disasters (a hurricane and a spring drought). Although there have been significant improvements in disaster preparedness and risk management, the country remains very vulnerable to these shocks. Scarce public resources had to be reallocated to emergency responses, including those related to spikes in cholera infection. Damages in the agricultural sector led to significant material losses with ensuing pressures on imports and prices. The deceleration of exports and the shrinking of agricultural output led to a slowdown in GDP growth.
2. GDP continued to grow, albeit modestly, in per capita terms. Inflation spiked but remained at single digits. Gross liquid international reserves were considerably strengthened and reached the equivalent of six months of imports at end 2012. The authorities have managed to maintain macroeconomic stability and meet all quantitative performance criteria under the ECF. Commendable progress was also achieved on the structural reform agenda.
3. On behalf of our authorities, we would like to thank IMF staff and management for the constructive dialogue and their continuous support particularly with the technical assistance missions. We also commend staff for the set of excellent reports. Our authorities are particularly pleased with the inclusion of Haiti in the pilot program of financial sector reviews which they find to be a helpful addition to the Article IV report.