strong revenues. The authorities have taken advantage of the improved external environment to purchase foreign exchange and boost gross international reserves to $512 million on June 8 (implying NIR of $406 million comfortably above the end-Junetarget of $367 million). Cumulative quarterly reserve money has stayed within the target corridor during the second quarter of 2015. Growth of credit to the private sector has begun to moderate, with annual growth decreasing from 25 percent in December 2014 to 23 percent in March 2015.
4. The authorities have also made
nonoil deficit through end-May appears to be contained at one percent of non-oil annual GDP below the end-Junetarget of 2.7 percent; base money increased by only 8.6 percent during January–May, well below the 15.3 percent projected for the first six months; gross foreign assets of the BCM reached US$63.7 million at end-May (compared with the end-June projection of $65.4 million) and the parallel market premium over the official UM/US$ exchange rate stood at ¼ percent through mid-June. With the CPI rising by 0.9 percent in May—somewhat less than anticipated given
This paper discusses the Use of IMF Resources in Haiti and Request for Emergency Post-Conflict Assistance (EPCA). The EPCA-supported program was on track until May 2005. All end-December and end-March targets were observed, inflation declined, the exchange rate stabilized, and net international reserves were increased. However, following expansionary fiscal and monetary policies during May–June, most end-June targets were missed. Also, while many structural measures were implemented as envisaged, progress on key structural measures, including the census of public employment and domestic arrears, was delayed.
rate stabilized, and net international reserves were increased. However, following expansionary fiscal and monetary policies during May–June, most end-Junetargets were missed. Also, while many structural measures were implemented as envisaged, progress on key structural measures—including the census of public employment and domestic arrears—was delayed.
4. Despite progress in stabilizing the economy and restoring the government’s authority over the country, economic recovery has fallen short of expectations . The impact of the conflict in early 2004 was initially
. The debt burden declined substantially, although the targets proved to be too ambitious.
In the third PRGF review, the end-Junetarget for domestic debt repayments was increased substantially above the level originally budgeted because of the accelerated transfer of IMF debt relief from the RBM to the budget.
Domestic borrowing exceeded the adjusted target at end-December 2006 by MK 4.1 billion (0.9 percent of GDP) . In the first fiscal semester, discretionary spending was above budget because of poor expenditure control and expectations of higher domestic