Latest IMF data reveals that Haiti registered 3 – 4 % growth in the first half of 2014

Preliminary data from the International Monetary Fund (IMF) for Haiti’s first half 2014 fiscal year suggests that economic activity, measured by gross domestic product (GDP), advanced in line with a 3 – 4 percent projection.

Inflation in the country remained low and it is projected to be in the mid-single digits by the end of the fiscal year.

The fiscal deficit was lower than programed, largely due to delays in approving the budget, while domestic revenues have been close to projections. Monetary policy was adequately geared towards protecting reserves while ensuring a low and stable inflation.

As the country continues to recover, measures aimed at strengthening the effectiveness of the Martelly administration’s fiscal policy with respect to the establishment of the Treasury Single Account are being implemented and that efforts to improve effectiveness of public investment and debt management is also ongoing.

The IMF assessment underscored a need to implement well-designed programs to protect the most vulnerable. It stated that a lower fiscal deficit will maintain appropriate international reserve buffers, “which are essential to the effective implementation of monetary policy, and as a cushion to withstand unanticipated shocks”.

The data reveals that the Martelly administration will continue working during upcoming weeks with the objective of finalizing discussions in on the eighth and final review of the Extended Credit Facility, from the financial institution in order to present the related documents for consideration of the IMF Executive Board before end of August, 2014. -(CMC)