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Haiti - FLASH : The financial situation of Haiti disturbing (MAJ)
22/01/2018 06:59:16

Haiti - FLASH : The financial situation of Haiti disturbing (MAJ)
NOTICE to readers :
Following a regrettable confusion, one of the members of our editorial team erroneously attributed the information of this relevant analysis on the economic situation and prospects for 2018 in Haiti (extracts of which were used in the drafting of this article) to a note from the BRH. We correct, the original information was written by the economist Etzer S. Emile, M.B.A and published January 19 on the site of the Chamber of Franco-Haitian Trade and Industry (CFHCI) We ask Mr. Etzer S. Emile and the CFHCI to accept our sincerest apologies. We have made the changes in our article in order to make paternity clear to its author.

Our readers to whom we also apologize and regret this unfortunate confusion. They can consult the full article of economist Etzer S. Emile at this address https://www.facebook.com/notes/cfhci-chambre-franco-haïtienne-de-commerce-et-dindustrie/la-note-économique-du-mois-janvier-2018/1985498804811098/

Joseph Marcellus
Editorial Directorate

According to a note from the CFHCI on the economic outlook for 2018, the beginning of the current fiscal year (October 1, 2017 to mid-January 2018) was marked by an economic slowdown , a tendency to the drop of the Gourde, a budget deficit of around 5 billion gourdes and a significant appeal to the monetary financing of the Bank of the Republic of Haiti (BRH) https://www.haitilibre.com/en/news-23096-haiti-economy-already-close-to-5-billion-gourdes-deficit-in-the-first-quarter.html . The main challenge for the State remains the difficulties to find resources to meet the multiple commitments, expectations and promises of the Government for the year 2018.

Budgeted revenues estimated at 144 billion gourdes, have become increasingly hypothetical in particular because of mensual loss of oil revenue and of uncertainties around the 5 billion gourdes of the PetroCaribe fund provided in terms of budgeted resources and  of international hesitation that still has not signed an agreement on the contribution of donations of 24 billion gourdes provided for in the budget after 3 and a half months of that fiscal year. Finally, budget forecasts in terms of internal financing should also worry, so far, no institution has shown any interest in the treasury bills and other financial products provided for in the current budget, explains the BRH.

According to the Central Bank "For the next quarters of the current fiscal year, the Haitian State will have to find strategies to mobilize resources to finance its projects. It has to make sure that it can collect a lot more than what was planned at the level of domestic resources (tax and customs) with a greater political will and a better fiscal rigor because the domestic resources will not be enough.

The Haitian state must sit down with its major donors to define a gradual exit from aid dependency to usher in a new era of lending. This will require the political and economic authorities, the greatest financial discipline possible to send more positive and reassuring signals. This is the moment more than ever to agitate the question of Chinese loan agreements [...] An element of disagreements with traditional donors who do not want to grant us loans but at the same time prevent us from getting it from the Chinese. At least, with the Taiwanese, Haiti must fight for a substantial loan to cover the shortfall and the large budget deficit expected at the end of the fiscal year. Nevertheless, the Government must be able to convince by coming up with profitable and productive investment projects to thus divorce with the intervention practices disparate, unstructured and without impact. "

"[...] More than ever, Haiti must demonstrate a better financial discipline, a governance that reassures politically and economically. The attractiveness of the country for large foreign investments or loans is fundamentally dependent on political stability and sound management giving strong and clear signals of transparency and discipline," says BRH

In these Economic Reflections the BRH explains that the link between agriculture and tourism is increasingly narrow in economic development plans around the world mentioning that in the Dominican Republic, the tourism sector buys about 600 million dollars per year in local agricultural products. An agreement between the Dominican Agro-Industrial Council and the Association of Hotels and Tourism of the Dominican Republic is in force and aims to promote the consumption of Dominican agro-industrial products in restaurants and hotels.

Despite the absence of official data in Haiti on the use of local and foreign agricultural products at the level of tourism enterprises "several sources estimate that more than 65% of the agricultural goods that we consume are imported products. The companies in the restaurant and hotel sector in Haiti do not seem to be exempt from this situation of dependence on foreign products. Despite the efforts of several operators to buy more and more local agricultural goods, the challenges remain significant, in terms of availability, regularity, quality and sometimes the low price competitiveness of local products." The BRH deplores that today" Haiti imports nearly a billion dollars worth of agricultural products on an annual basis and exports about 60 million dollars. The tourism sector can pave the way and create this dynamic of propulsion of local agricultural production [...]"

See also :
Download the 2017-2018 budget (202 pages) : https://www.haitilibre.com/docs/17_18_projet_de_loi_de_finances.pdf

HL/ HaitiLibre

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