2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Haiti


2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Haiti

Fund Relations

(As of December 4, 2019) Membership Status: Joined September 8, 1953; Article VIII

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Latest Financial Arrangements:

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Formerly PRGF

Projected Payments to Fund

(SDR Million; based on existing use of resources and present holdings of SDRs):

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Exchange Rate Arrangement and Exchange Restrictions:

Haiti’s currency is the gourde. The de jure exchange rate regime is floating. The de facto exchange rate arrangement has been classified as a crawl-like arrangement since April 2008, except for a short period of post-earthquake disruption in the exchange rate market from January through February of 2010 and between March 2017 and June 2018, during which time the gourde was classified as another managed arrangement. Haiti has accepted the obligations of Article VIII, Sections 2, 3, and 4, and maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions.

Safeguards Assessment:

The last assessment of the BRH was completed in August 2019 in connection with the request for an RCF arrangement in early-2019.2 The assessment concluded that safeguards risks at the BRH remained high and made the recommendations to: complete amendments to the BRH Law to strengthen the central bank’s autonomy, enhance its accountability, transparency and decision-making structure, and establish independent oversight by the Board; reinforce membership and operational modalities of the Audit Committee; strengthen financial reporting practices by implementing IFRS with IMF TA support; complete the modernization of the internal audit function; strengthen governance and accountability arrangements in reserve management, including regarding the Investment Committee composition and strict segregation of operational responsibilities; and prepare a medium-term plan for updating the BRH investment policy and transitioning to strategic asset allocation and portfolios that are consistent with the principles of safety and liquidity incumbent upon a central bank.

Initial advances were made on some recommendations, although progress stalled after the worsening of the political and security crisis in the country mid-2019. In this context, risks remain as to the adequacy of safeguards for Fund resources.

Article IV Consultations:

The last Article IV consultation was concluded on March 20, 2015 (IMF Country Report No. 13/90). The current Consultation discussions were held in Washington, D.C. and in Haiti during November 8–22, 2019. The IMF team comprised Nicole Laframboise (head), Frederic Lambert, Rand Ghayad, Paola Aliperti (all WHD), Matthieu Bellon (FAD), and Chiara Fratto (SPR). Ahmed Zorome (Resident Representative) and Gabriel Duvalsaint (local economist) assisted the team and participated in discussions in Haiti. Patricia Alonso-Gamo (WHD) joined the concluding meeting. The IMF team met with acting central bank Governor Jean Baden Dubois and Acting Minister of Finance Joseph Jouthe, and with senior officials, representatives of the private sector, civil society, other IFIs, and academics. Mr. Saraiva, Ms. Florestal, and Mr. Pierre (OED) also participated in the meetings.

It is recommended that the next Article IV consultation take place on the standard 12 month cycle.

Resident Representative:

Mr. Ahmed Zorome has been the Fund’s Resident Representative since September 26, 2019, replacing Mr. Gaston Mpatswe.

Technical Assistance:

Haiti has received the following IMF technical assistance missions since November 2012:3

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Statistical Issues

(as of December 9, 2019)

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Table 1.

Haiti: Table of Common Indicators Required for Surveillance

(as of December 2019)

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Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I) Not Available (NA).


As the arrangement fell off track shortly after, no reviews were completed and the ECF was cancelled in November 2016. As a result, no key reforms were implemented and the majority of the 2016 safeguards recommendations remains outstanding (see next page).


Following the 2018 SMP, staff responded to the authorities’ request for support and agreed ad referendum on a program in March 2019. However, this could not proceed after the resignation of the prime minister and absence of a successor government.


For previous technical assistance missions please consult the Haiti 2012 Article IV consultation available at http://www.imf.org/external/pubs/ft/scr/2013/cr1390.pdf