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Haiti - Economy : Do not confound, revenue deficit and public deficit
26/05/2013 11:04:28

Recall that earlier this week, to 4 months of the end of the current fiscal year, Jocelerme Privert, the President of the Senatorial Commission "Economy, Finance and Budget" had expressed concern about a budget deficit from 9 to 14 billion gourdes, stressing that the estimated revenue of the State (Directorate General of Taxation and the General Administration of Customs) were far from their objectives, despite the fiscal pressures on taxpayers.

Thursday at a press conference, Charles Castel, Governor of the Bank of the Republic of Haiti (BRH) explained that "Inflation YoY for April stood at 7.3% and public deficit stood at 2.6 billion gourdes," stressing that "This deficit well below 1% of GDP, is not likely to create an imbalance and undesirable disturbances to the economy," specifying that this amount was within the limits set by the Central Bank with the Haitian government and the International Monetary Fund (IMF).

Asked about the statements of Senator Privert, who speaks of a deficit from 9 to 14 billion, the Governor of the BRH wished to explain that Senator Privert talking about a revenue deficit compared to forecast revenue for the year, while the BRH talking about public deficit, ie the difference between the total of government expenditure and revenue. While recognizing that government revenues are lower than the estimates made at the beginning of the year, he said that the current government spending were also lower than anticipated.

According to Mr. Castel, there is no contradiction between its figures and those of Senator Privert, recalling that government revenues are not limited to only sources of income [taxes] and that it was necessary to also include the direct budgetary support from friendly countries.

HL/ PI/ HaitiLibre