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Haiti - Economy : Improvement of Public Finance
14/12/2013 10:30:06

Haiti - Economy : Improvement of Public Finance
Wednesday, the 24th Government Council chaired by the Prime Minister, Laurent Lamothe on the theme "Fight against corruption and smuggling: current status and perspectives" was the occasion to announce that Haiti would finish the year 2013, with a significant decline in inflation at 4.5% and an acceptable level of macro-economic stability. Advances that are due to the rationalization of government spending but also to the economic reforms and of public finances.

"The low rate of inflation this year has been achieved through the efforts of the government to boost domestic agricultural production and the austerity measures," said Charles Castel, Governor of the Bank of the Republic of Haiti (BRH), convinced that the excellent performance of the agricultural sector are fundamental to sustaining economic growth. He also presented the measures adopted by the central bank to stabilize the foreign exchange market "BRH has placed on the market 112 million U.S. dollars to stabilize the gourde. This stability is due to the efforts of the Haitian government for several years to increase the reserve of the BRH which is $1.3 billion, in order to intervene in a timely manner."

The increase in agricultural supply, including of the production of grain and food supplies have played a major role in the stability of market prices and the reduction of inflation during the year 2013. The Government in its effort to boost agriculture will continue to support the farmers, who are encouraged to work together to benefit from the "Participation Fund" inserted into the budget of the Republic for this purpose.

"The country's exports have increased by nearly 20% in 2013 and the budget deficit is under control, insisted Wilson Laleau, the Minister of Economy and Finance, which invites all state entities to combine their efforts to keep this year's performance and improve them during 2014. Minister Laleau, believes that the Government should continue to implement incentives to attract investors.

During the 24th council other tracks on ongoing experiments to stimulate economic growth were presented. The reconstruction market is thus considered one of the main drivers of growth and the Government intends to boost this sector known to be an important source for the economy in 2014.

Prime Minister Lamothe, aware of the difficulties faced by small purses, will shortly launch a major credit policy to support production efforts of entrepreneurs. "This initiative will begin during this month and the first beneficiaries will be the taxi drivers in the city of Cap-Haitien," said Head of Government.

"This process precedes the implementation of a Credit Bank which will be supported by an agricultural insurance fund to protect production and facilitate access to credit for farmers. Agriculture accounts for 20% of GDP, without a serious insurance system, revitalizing the sector will be complicated," explained Charles Castel, stating that "The stability and growth are linked," adding that "The Government wants to double the income per capita to out people from poverty. Also, he intend to achieve a growth rate of 2 digits. This is achievable [...]"

The Government is working to strengthen its business strategy to guide and protect domestic agricultural production in order to achieve food self-sufficiency. Extraordinary measures are taken to enhance the collection of taxes on behalf of the Republic, a way to increase government revenue and achieve many more projects for the benefit of the Haitian people.

HL/ HaitiLibre

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