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International Monetary Fund. African Dept.

current account norm to -5.1 percent of GDP. This norm is adjusted further downwards by 0.6 percent of GDP, related to one-off investments in Benin. The current account gap of -2.4 percent of GDP then implies an overvaluation of the REER by 5.7 percent, suggesting that the REER is broadly in line with fundamentals. 6. An assessment based on CEGR broadly confirms these results . The three CEGR methodologies suggest that the real exchange rate misalignment ranges between an overvaluation of 1 to 9.8 percent, and thus provide some ranges around the EBA-lite estimate. As

International Monetary Fund. Western Hemisphere Dept.
This 2015 Article IV Consultation highlights that a drought that affected agricultural output slowed Haiti’s GDP growth to 2.7 percent in FY2014, but inflation remained in the mid-single digits. The overall fiscal deficit of the central government remained high, in part owing to one-off investment related to Hurricane Sandy. International reserves remained appropriate at about 5 months of imports. The implementation of structural reforms to support growth underpins the medium-term outlook, which is nonetheless subject to downside risks. GDP growth in FY2015 is expected to be between 2–3 percent, and to increase to 3–4 percent in the medium term.
International Monetary Fund

program envisages an easing of monetary and fiscal policy to mitigate the severity of the crisis, while laying the ground for future fiscal consolidation primarily through one-off investment expenditures and measures to strengthen tax policy and administration. The authorities remain firmly committed to achieving the program’s objectives of adjusting to the changed external environment, supporting confidence in the currency and the banking system, and protecting the poor. “Following the successful return to a flexible exchange rate, monetary policy will focus on

International Monetary Fund. European Dept.

contributions. The government’s growth package of one-off investments could partially mitigate the consolidation’s growth impact, especially if it is made more frontloaded. Financial sector and macroprudential policies . The new macroprudential framework should be fully implemented. Further measures, particularly a systemic risk buffer, would strengthen the framework. Greater coordination between financial sector supervisors in the region is critical to contain cross-border spillover risks. The 2016 FSAP will provide an opportunity for detailed recommendations

International Monetary Fund. African Dept.

(inward) largely followed a similar pattern as other countries, with the exception of a large one-off investment in 2012. Since 2014, the authorities have imposed a moratorium on new large hotel investments. Sources: World Bank, Fund staff estimates 4. The real effective exchange rate (REER) has been appreciating since end 2014, following a sharp depreciation . However, the pace slowed starting in [March 2016], reflecting negative domestic inflation. Still, over the past two years the real effective exchange rate has appreciated somewhat faster compared to the