Abstract
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
| General Resources Account: | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 163.80 | 100.00 |
| Fund holdings of currency | 143.26 | 87.46 |
| Reserve Tranche Position | 20.54 | 12.54 |
| General Resources Account: | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 163.80 | 100.00 |
| Fund holdings of currency | 143.26 | 87.46 |
| Reserve Tranche Position | 20.54 | 12.54 |
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 78.51 | 100.00 |
| Holdings | 33.04 | 42.09 |
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 78.51 | 100.00 |
| Holdings | 33.04 | 42.09 |
| Outstanding Purchases and Loans: | SDR Million | Percent of Quota |
|---|---|---|
| RCF Loans | 30.71 | 18.75 |
| ECF Arrangements | 33.06 | 20.19 |
| Outstanding Purchases and Loans: | SDR Million | Percent of Quota |
|---|---|---|
| RCF Loans | 30.71 | 18.75 |
| ECF Arrangements | 33.06 | 20.19 |
Latest Financial Arrangements:
Formerly PRGF
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| ECF | May 18, 2015 | November 17, 2016 | 49.14 | 7.02 |
| ECF | July 21, 2010 | December 24, 2014 | 40.95 | 40.95 |
| ECF1/ | November 20, 2006 | January 29, 2010 | 180.18 | 180.18 |
Formerly PRGF
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| ECF | May 18, 2015 | November 17, 2016 | 49.14 | 7.02 |
| ECF | July 21, 2010 | December 24, 2014 | 40.95 | 40.95 |
| ECF1/ | November 20, 2006 | January 29, 2010 | 180.18 | 180.18 |
Formerly PRGF
Projected Payments to Fund
(SDR Million; based on existing use of resources and present holdings of SDRs):
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Principal | 6.22 | 8.89 | 7.14 | 11.48 | 9.02 |
| Charges/Interest | 0.39 | 0.52 | 0.52 | 0.52 | 0.52 |
| Total | 6.61 | 9.41 | 7.66 | 12.00 | 9.54 |
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Principal | 6.22 | 8.89 | 7.14 | 11.48 | 9.02 |
| Charges/Interest | 0.39 | 0.52 | 0.52 | 0.52 | 0.52 |
| Total | 6.61 | 9.41 | 7.66 | 12.00 | 9.54 |
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
| Department | Dates | Purpose |
|---|---|---|
| FAD | February 2019 | Scoping mission on Revenue Administration |
| January 2019 | Strengthening the TSA | |
| January 2019 | Consultation of new Tax Code | |
| February 2018 | Tax Policy | |
| January 2018 | Treasury Management | |
| July 2017 | Tax Administration | |
| May 2017 | Tax Administration | |
| April 2017 | Treasury Single Account | |
| November 2016 | Income Tax Reform | |
| December 2015 | Cash and Debt Management | |
| October 2015 | Tax Policy | |
| March 2015 | Tax Administration | |
| November 2014 | Tax Administration | |
| October2014 | Tax Administration | |
| August 2014 | Tax Administration | |
| July 2014 | Energy Subsidy Reform | |
| June 2014 | Mining Taxation | |
| April 2014 | Cash and Treasury Management | |
| February 2014 | Tax Administration | |
| November 2013 | Tax Administration | |
| July 2013 | Public Financial Management | |
| June 2013 | Tax Administration | |
| April 2013 | Cash and Treasury Management | |
| April 2013 | Value-Added Tax | |
| March 2013 | Public Accounting | |
| March 2013 | Macro-fiscal | |
| January 2013 | Tax Administration | |
| FIN | March/April 2019 | Safeguards Assessment Mission |
| MCM | July 2019 | Develop program to transition to IFRS |
| November 2018 | Drafting a Banking Chart of Accounts | |
| November 2018 | Banking Supervision & Regulation | |
| September 2018 | Banking Supervision & Regulation | |
| July 2018 | Banking Supervision & Regulation | |
| May 2018 | Banking Supervision & Regulation | |
| March 2018 | Banking Supervision & Regulation | |
| January 2018 | Banking Supervision & Regulation | |
| October 2017 | Banking Supervision & Regulation | |
| August 2017 | Banking Supervision | |
| August 2016 | Stress-Testing for the Banking System | |
| June 2016 | Banking Supervision | |
| July 2015 | Credit Union Supervision & Risk Based Supervision | |
| November 2014 | Credit Union Supervision | |
| August 2014 | Reserve Management Guidelines | |
| May 2014 | Foreign Exchange Market | |
| February 2014 | Credit Union Supervision | |
| April 2013 | Macroprudential Policies | |
| STA | April 2019 | CARTAC: National Accounts-Review Progress on Rebasing GDP |
| January 2019 | Cash management and Fiscal Reporting | |
| May 2018 | Government Finance Statistics | |
| February 2018 | Consumer Price Index – Rebasing | |
| October 2017 | National Accounts | |
| March 2018 | Consumer Prices/Producer Prices | |
| November 2016 | Balance of Payments Statistics and IIP | |
| July 2016 | National Accounts | |
| June 2016 | Development of Financial Health Indicators | |
| May 2016 | Consumer Price Index | |
| April 2016 | Remittances & Reserves | |
| May 2015 | National Accounts Statistics | |
| November 2014 | Automatic Data Exchange System for Customs | |
| June 2014 | National Accounts Statistics | |
| June 2013 | Consumer Price Index | |
| June 2013 | National Accounts | |
| LEG | June 2013 | Drafting of a general tax code |
| Department | Dates | Purpose |
|---|---|---|
| FAD | February 2019 | Scoping mission on Revenue Administration |
| January 2019 | Strengthening the TSA | |
| January 2019 | Consultation of new Tax Code | |
| February 2018 | Tax Policy | |
| January 2018 | Treasury Management | |
| July 2017 | Tax Administration | |
| May 2017 | Tax Administration | |
| April 2017 | Treasury Single Account | |
| November 2016 | Income Tax Reform | |
| December 2015 | Cash and Debt Management | |
| October 2015 | Tax Policy | |
| March 2015 | Tax Administration | |
| November 2014 | Tax Administration | |
| October2014 | Tax Administration | |
| August 2014 | Tax Administration | |
| July 2014 | Energy Subsidy Reform | |
| June 2014 | Mining Taxation | |
| April 2014 | Cash and Treasury Management | |
| February 2014 | Tax Administration | |
| November 2013 | Tax Administration | |
| July 2013 | Public Financial Management | |
| June 2013 | Tax Administration | |
| April 2013 | Cash and Treasury Management | |
| April 2013 | Value-Added Tax | |
| March 2013 | Public Accounting | |
| March 2013 | Macro-fiscal | |
| January 2013 | Tax Administration | |
| FIN | March/April 2019 | Safeguards Assessment Mission |
| MCM | July 2019 | Develop program to transition to IFRS |
| November 2018 | Drafting a Banking Chart of Accounts | |
| November 2018 | Banking Supervision & Regulation | |
| September 2018 | Banking Supervision & Regulation | |
| July 2018 | Banking Supervision & Regulation | |
| May 2018 | Banking Supervision & Regulation | |
| March 2018 | Banking Supervision & Regulation | |
| January 2018 | Banking Supervision & Regulation | |
| October 2017 | Banking Supervision & Regulation | |
| August 2017 | Banking Supervision | |
| August 2016 | Stress-Testing for the Banking System | |
| June 2016 | Banking Supervision | |
| July 2015 | Credit Union Supervision & Risk Based Supervision | |
| November 2014 | Credit Union Supervision | |
| August 2014 | Reserve Management Guidelines | |
| May 2014 | Foreign Exchange Market | |
| February 2014 | Credit Union Supervision | |
| April 2013 | Macroprudential Policies | |
| STA | April 2019 | CARTAC: National Accounts-Review Progress on Rebasing GDP |
| January 2019 | Cash management and Fiscal Reporting | |
| May 2018 | Government Finance Statistics | |
| February 2018 | Consumer Price Index – Rebasing | |
| October 2017 | National Accounts | |
| March 2018 | Consumer Prices/Producer Prices | |
| November 2016 | Balance of Payments Statistics and IIP | |
| July 2016 | National Accounts | |
| June 2016 | Development of Financial Health Indicators | |
| May 2016 | Consumer Price Index | |
| April 2016 | Remittances & Reserves | |
| May 2015 | National Accounts Statistics | |
| November 2014 | Automatic Data Exchange System for Customs | |
| June 2014 | National Accounts Statistics | |
| June 2013 | Consumer Price Index | |
| June 2013 | National Accounts | |
| LEG | June 2013 | Drafting of a general tax code |
Statistical Issues
(as of December 9, 2019)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. Most affected are the national accounts and labor indicators. Fiscal, monetary and external sector data are broadly adequate, but need improvements in coverage and timeliness. | |
| National Accounts and Real Sector Data. The Haitian statistical system was severely affected by the January 2010 earthquake. The 1986/1987 base year of constant price GDP data does not adequately capture the structural shifts in the economy since then. The Caribbean Regional Technical Assistance Centre (CARTAC) has been providing TA on compiling the supply and use tables (SUTs) for 2012 and rebasing the GDP estimates, with six missions undertaken since 2013. In addition, the World Bank has funded a resident advisor over two years to assist with the SUTs and rebasing GDP, with the revised GDP estimates expected to be released around May or June 2020. Other shortcomings include incomplete and untimely reporting on performance in the agricultural sector and the lack of quarterly GDP data. | |
| Price and Labor Statistics. The monthly CPI is compiled by the Haitian Institute of Statistics on information based on a 2012 Household Living Conditions Survey structure, using 2017/18 as the reference year. Four CARTAC missions from May 2016 to August 2018 helped finalize expenditure weights and compilation system, and provided training. The index follows a Laspeyres methodology and comprises 287 products. The statistical institute also produces estimates of inflation of local and imported goods, but these are not consistent with the headline survey, preventing an accurate estimation of the contributions to overall inflation from local and imported goods. The only labor statistic published is the employment index (December 2018 latest available). | |
| Government Finance Statistics. Staff receive data from the Ministry of Finance in the form of a monthly “Table of Government Financial Operations” (TOFE) for program monitoring and surveillance. Data presentation is broadly adequate but has weaknesses including limited coverage, high aggregation, misclassifications, the non-reporting of major categories such as net lending, financing and Petrocaribe-related operations, and incomplete information on debt service. There is a need to improve the timeliness of publication of the accounts of autonomous agencies and public enterprises, particularly the electricity utility EDH, to establish the accounts of the nonfinancial public sector. The reporting of budgetary expenditures, especially on ministerial discretionary accounts, should be improved to increase transparency. The authorities are encouraged to establish a plan for migrating to the GFSM 2001/2014 framework for compiling fiscal statistics. Data on local governments and comprehensive gross public debt data, covering both domestic and external public debt of the non-financial public sector, is lacking | |
| Monetary and Financial Statistics. The monthly accounts of the balance sheets of the central bank and the consolidated banking sector are broadly adequate for surveillance. However, there are some inconsistencies between the central bank and commercial bank accounts. There is also a need to expand institutional coverage of financial institutions to include credit unions and cooperatives into the survey of depository corporations, and to improve the timeliness of reported data to the Fund. Improving the timeliness of monetary statistics data reported through the Standard Reporting Forms—with calculation of foreign exchange reserves in line with IMF guidelines―should be a priority. Haiti reports data on several series indicators of the Financial Access Survey (FAS) including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial Sector Surveillance. With regard to financial soundness indicators (FSIs), Haiti currently does not report data to the Fund for dissemination on the Fund website. | |
| External Sector Statistics. Balance of payments data is broadly adequate for surveillance but suffers from some deficiencies in scope, source data, and timeliness. Large errors and omissions, as well as gaps between the data reported by Haiti and its partners indicate incomplete coverage of current and financial account transactions. Special attention should be given to customs data coverage and classification of official and private flows, as well as recording of the external assets and liabilities of the private sector. Data at the quarterly and annual frequencies should be consistent. The most recent mission from CARTAC (April 2018) noted some progress but highlighted important work ahead on improving trade data coverage and implementing the business survey (direct investment and private external debt). | |
| II. Data Standards and Quality | |
| Haiti participates in the Fund’s General Data Dissemination System. | No data ROSC is available. |
| III. Reporting to STA | |
| Haiti currently does not report monthly or annual fiscal data to STA for publication in the International Financial Statistics (IFS) or in the Government Finance Statistics Year (GFSY), respectively. Haiti reports annual IIP and quarterly balance of payments to STA, although these suffer from a lack of consistency. | |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. Most affected are the national accounts and labor indicators. Fiscal, monetary and external sector data are broadly adequate, but need improvements in coverage and timeliness. | |
| National Accounts and Real Sector Data. The Haitian statistical system was severely affected by the January 2010 earthquake. The 1986/1987 base year of constant price GDP data does not adequately capture the structural shifts in the economy since then. The Caribbean Regional Technical Assistance Centre (CARTAC) has been providing TA on compiling the supply and use tables (SUTs) for 2012 and rebasing the GDP estimates, with six missions undertaken since 2013. In addition, the World Bank has funded a resident advisor over two years to assist with the SUTs and rebasing GDP, with the revised GDP estimates expected to be released around May or June 2020. Other shortcomings include incomplete and untimely reporting on performance in the agricultural sector and the lack of quarterly GDP data. | |
| Price and Labor Statistics. The monthly CPI is compiled by the Haitian Institute of Statistics on information based on a 2012 Household Living Conditions Survey structure, using 2017/18 as the reference year. Four CARTAC missions from May 2016 to August 2018 helped finalize expenditure weights and compilation system, and provided training. The index follows a Laspeyres methodology and comprises 287 products. The statistical institute also produces estimates of inflation of local and imported goods, but these are not consistent with the headline survey, preventing an accurate estimation of the contributions to overall inflation from local and imported goods. The only labor statistic published is the employment index (December 2018 latest available). | |
| Government Finance Statistics. Staff receive data from the Ministry of Finance in the form of a monthly “Table of Government Financial Operations” (TOFE) for program monitoring and surveillance. Data presentation is broadly adequate but has weaknesses including limited coverage, high aggregation, misclassifications, the non-reporting of major categories such as net lending, financing and Petrocaribe-related operations, and incomplete information on debt service. There is a need to improve the timeliness of publication of the accounts of autonomous agencies and public enterprises, particularly the electricity utility EDH, to establish the accounts of the nonfinancial public sector. The reporting of budgetary expenditures, especially on ministerial discretionary accounts, should be improved to increase transparency. The authorities are encouraged to establish a plan for migrating to the GFSM 2001/2014 framework for compiling fiscal statistics. Data on local governments and comprehensive gross public debt data, covering both domestic and external public debt of the non-financial public sector, is lacking | |
| Monetary and Financial Statistics. The monthly accounts of the balance sheets of the central bank and the consolidated banking sector are broadly adequate for surveillance. However, there are some inconsistencies between the central bank and commercial bank accounts. There is also a need to expand institutional coverage of financial institutions to include credit unions and cooperatives into the survey of depository corporations, and to improve the timeliness of reported data to the Fund. Improving the timeliness of monetary statistics data reported through the Standard Reporting Forms—with calculation of foreign exchange reserves in line with IMF guidelines―should be a priority. Haiti reports data on several series indicators of the Financial Access Survey (FAS) including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial Sector Surveillance. With regard to financial soundness indicators (FSIs), Haiti currently does not report data to the Fund for dissemination on the Fund website. | |
| External Sector Statistics. Balance of payments data is broadly adequate for surveillance but suffers from some deficiencies in scope, source data, and timeliness. Large errors and omissions, as well as gaps between the data reported by Haiti and its partners indicate incomplete coverage of current and financial account transactions. Special attention should be given to customs data coverage and classification of official and private flows, as well as recording of the external assets and liabilities of the private sector. Data at the quarterly and annual frequencies should be consistent. The most recent mission from CARTAC (April 2018) noted some progress but highlighted important work ahead on improving trade data coverage and implementing the business survey (direct investment and private external debt). | |
| II. Data Standards and Quality | |
| Haiti participates in the Fund’s General Data Dissemination System. | No data ROSC is available. |
| III. Reporting to STA | |
| Haiti currently does not report monthly or annual fiscal data to STA for publication in the International Financial Statistics (IFS) or in the Government Finance Statistics Year (GFSY), respectively. Haiti reports annual IIP and quarterly balance of payments to STA, although these suffer from a lack of consistency. | |
Haiti: Table of Common Indicators Required for Surveillance
(as of December 2019)
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).
Haiti: Table of Common Indicators Required for Surveillance
(as of December 2019)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | November 2019 | November 2019 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | September 2019 | November 2019 | M | M | I |
| Reserve/Base Money | September 2019 | November 2019 | M | M | I |
| Broad Money | August 2019 | November 2019 | M | M | I |
| Central Bank Balance Sheet | September 2019 | November 2019 | M | M | I |
| Consolidated Balance Sheet of the Banking System | August 2019 | November 2019 | M | M | I |
| Interest Rates2 | November 2019 | November 2019 | W | W | M |
| Consumer Price Index | September 2019 | November 2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | September 2019 | November 2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | September 2019 | November 2019 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | September 2019 | November 2019 | M | Q | I |
| External Current Account Balance | Q1 2019 | July 2019 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q1 2019 | July 2019 | Q | Q | Q |
| GDP/GNP | 2018 | Dec 2018 | A | A | A |
| Gross External Debt | September 2019 | November 2019 | M | M | I |
| International Investment Positions | 2018 | July 2019 | A | A | A |
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).
Haiti: Table of Common Indicators Required for Surveillance
(as of December 2019)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | November 2019 | November 2019 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | September 2019 | November 2019 | M | M | I |
| Reserve/Base Money | September 2019 | November 2019 | M | M | I |
| Broad Money | August 2019 | November 2019 | M | M | I |
| Central Bank Balance Sheet | September 2019 | November 2019 | M | M | I |
| Consolidated Balance Sheet of the Banking System | August 2019 | November 2019 | M | M | I |
| Interest Rates2 | November 2019 | November 2019 | W | W | M |
| Consumer Price Index | September 2019 | November 2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | September 2019 | November 2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | September 2019 | November 2019 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | September 2019 | November 2019 | M | Q | I |
| External Current Account Balance | Q1 2019 | July 2019 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q1 2019 | July 2019 | Q | Q | Q |
| GDP/GNP | 2018 | Dec 2018 | A | A | A |
| Gross External Debt | September 2019 | November 2019 | M | M | I |
| International Investment Positions | 2018 | July 2019 | A | A | A |
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