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Haiti - FLASH : Nearly $2 billion in damages and economic loss...
29/10/2016 10:50:50

Haiti - FLASH : Nearly $2 billion in damages and economic loss...
Friday Yves Romain Bastien, the Minister of Economy and Finance, in the noticed absence of de facto President Jocelerme Privert and of Prime Minister Enex Jean-Charles, presented an assessment of the damage caused by Hurricane Matthew. According to studies conducted with the support of international financial institutions : World Bank and Inter-American Development Bank (IDB), the amount of damage and economic losses to Haiti, is estimated 124.8 billion gourdes, or 1.89 billion dollars over 20% of Gross Domestic Product (GDP).

Estimated losses in the agricultural sector amounted to $600 million and housing destructions of nearly 175,000 people are estimated around $600 million, according to economists.

Who will pay for this monstrous bill, while the budget of Haiti (121 billion gourdes) is inferior to amount of damages.

According to the Minister Bastien, the Government is in discussions with the international community, which does not seem very willing to do again a big check...

In the possibilities of donors include perhaps a IDB assistance (110 million), the World Bank, 60 million (interest free loan) and various other sources including the International Monetary Fund (IMF) for a combined total of loans and donations of nearly $400 million or just over 21% of the invoice. However, to this is added according to the Minister of Finance, many promises of aid after the passage of Matthew that are not yet a reality and whose he cannot give an estimate...

Also on the economic plan, Yves Romain Bastien evokes the possibility of reviewing the budget of Haiti which was based on a modest growth of 2% for the 2016-2017 fiscal year, noting that this new disaster that struck Haiti, whatever the next government he doubts that growth exceeds 1% [if any]...

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