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Haiti - Economy: Collapse of State oil revenues
10/04/2017 09:04:56

Haiti - Economy: Collapse of State oil revenues
The government's oil revenues, which previously accounted for nearly 16% of the Treasury's revenues, have collapsed in recent months. By February 2017 they were nearly 29 million Gourdes against 963 million Gdes in February 2016 and nearly 23 million Gdes in March 2017 against just over 850 million in March 2016.

At issue: the non-adjustment of fuel prices at the pump while oil prices rose in recent months and it takes around 70 gourdes to pay each US dollars and finally the maintenance by the Government of a subsidy on each gallon of gasoline, diesel and kerosene, ranging from 55 to 75 gourdes. As a consequence, the deficit continues to widen for the Haitian State, which already amounts to 5.2 billion for the first 6 months of the current fiscal year to 5.2 billion gourdes (October 2016 to March 2017).

If the state, which made the mistake for populist reasons not to let enforce the decree of 1995, implemented in 2005 to increase or decrease the price of gasoline, according to changes in international market prices, continued to want to subsidize fuel prices, it is the Bank of the Republic of Haiti (BRH) that finances the deficit, what will contribute to fueling the inflationary push in the economy.

The Moïse-Lafontant Government will have no other choice taht to take unpopular decisions and carry out progressive and equitable adjustment of prices at the pump, if it wants to stop losing money at a time when it needs all its resources to revive the economy of Haiti .

SL/ HaitiLibre

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