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Haiti - Economy : State of Public Finances in Haiti (October-February 2014) 03/04/2014 10:20:19
would approach the 25 billion gourdes if the freeze of the pump price of petroleum products had not caused loss of revenue reaching 2.8 billion over the first five months. Thus, the tax authorities should be able to pass from an average collection of 4 billion gourdes to 4.6 billion gourdes for the rest of the year to achieve the goal of 53 billion gourdes programmed in the Finance Bill 2013-2014. The implementation of fiscal measures, including the issuance of the sticker for vehicles should allow to come close. This performance is mainly due to internal revenue as customs revenue ( 1.011 billion gourdes ) are down 1 % , as well as imports of goods in the first quarter ( BRH estimates in dollars) , but the depreciation of the gourde have an offsetting effect. From October to February of the year 13-14, internal revenue increased by 15% compared to the same period last year, representing 20% for tax on income, 17% for excise taxes and 8% for the TCA (Tax on Business Turnover). TCA occupy 40% of total domestic revenue, followed by 38% for revenue ISR. An increase in economic activity of 4.3% last year and measures taken in order to improve the collection are based on the good performance of internal revenue. These measures include: the extension of the application of withholding tax on contracts with the Haitian government and international institutions, strengthening the monitoring and verification at the DGI (Directorate General of Taxation) and the DIF ((Directorate of Tax inspection). As for expenses incurred on the first five months, they were down 2% excluding Petrocaribe and other funds against party whose fund of debt cancellation and the Road Maintenance Fund (FER). By integrating these, expenditures increased by 4%. In fact with the budget extension, new investment credits can not be opened. Thus, expenditures from regular resources of Treasury fell by 57%, the use of resources Petrocaribe, up 22% allow to partially compensate because capital expenditures, in total was down by 13%. By cons current expenditure increased by 15% driven by payroll (+9%), but the weight in current expenditure dropped from 55% to 52%; operating expenses increased by 26% and their weight increased from 26% to 29%. The overall balance on a commitment basis (budget authorization) was contained to decrease from an accumulation of 2.6 billion over the period from October to February 2012-2013 to 286 million gourdes. For the month of February 13-14, there has been an overall balance on a cash basis (solde global base caisse) (based payment expenses to the Bank of the Republic of Haiti (BRH) negative of 2.9 billion gourdes despite a a positive commitment base balance of 101 million gourdes. This reflects the payment of expenses incurred in the previous year and that had not been executed at year end. Financing of the overall balance is largely internal. Disbursements of budget support provided are not yet effective. At the end of February, the level of internal financing by reducing the balance of assets in BRH is of the order of 5.3 billion gourdes in addition to the use of paper emissions of around 4 billion gourdes, corresponding to net emissions of 1.1 billion. This level of funding results in particular from the progressive use of resources deposited at the BRH on the cancellation of debt funds, the use of deposits Petrocaribe funds for financing projects, the implementation of the guarantee on the contract with E-power. Net external financing flows are -179 000 000 gourdes corresponding to outflows for the payment of amortization of external debt because no disbursements have been recorded in the first five months. Current policies to consolidate and streamline current spending, increase tax collection should improve public savings and generate more resources for investment. At this stage, the non-voting of the budget of exercise is a real limitation to the implementation of the investments necessary to achieve our goal to keep the economy on a path of accelerated growth. The latest revised projections taking into account information made available by the IHSI (Haitian Institute of Statistics and Information of Haiti) for the first quarter of fiscal year 2013-2014, state that the expansion of economic activity began since three years continues albeit at a slower pace compared to the previous year rate. Despite the increase in value added in manufacturing, the other sectors show lower performance compared to the previous year. With the exception of the index of construction activity that flexes (-4.7%), large public projects have slowed down, all other indicators show an increase over the previous quarter. Indeed, the index of industrial production grew by 1.5%; that of the Commercial Activity 6.5% and the production of energy by 0.5%. Prediction made using these indicators leads to an increase in real GDP of less than 4% for the fiscal year 2013-2014 against 4.3% the previous year and a forecast of 4.5% in the budget tabled in Parliament. Inflation is maintained down to 3.2% yoy in the month of February 2014 against 7.4% in February 2013." HL/ HaitiLibre
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