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Haiti - Economy : Towards further increases in fuel prices
06/04/2018 08:49:53

Haiti - Economy : Towards further increases in fuel prices
Since the significant fuel price rises at the pump in May 2017 https://www.haitilibre.com/en/news-20940-haiti-flash-new-fuel-prices-in-haiti-official.html the Government has so far refrained from making further adjustments because of the risk of social unrest and carrier demonstrations.

However, all indications are that the Government is preparing to make further increases.

The announcement of a deficit of 14 billion gourdes recorded during the first quarter, revealed by the Secretary of State for Finance Ronald Décembre, deficit mainly attributable to subsidies for petroleum products and electricity and the steady pace of spending public authorities over tax revenues confirms this need.

Also note that the agreement "Staff-monitored program" accepted and signed end of February 2018, by the Haitian Government with the with the International Monetary Fund (IMF) https://www.haitilibre.com/en/news-23659-haiti-economy-moise-accepts-the-program-of-control-and-the-requirements-of-the-imf.html includes important requirements, including the complete elimination of subsidies for petroleum products and electricity.

All these factors go in the inevitable direction of an increase in prices at the pumps if the Government wants to avoid creating a deficit which will have consequences for the depreciation of our national currency and the cost of living.

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