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Haiti - Economy : A budget with social dominination, up of 11 billion...
12/11/2018 10:09:52

Haiti - Economy : A budget with social dominination, up of 11 billion...
As a prelude to the tabling of the 2018-2019 Finance Bill in Parliament, Ronald Gray Décembre the Minister of Economy and Finance, undertook a series of meetings with different sectors of national life in order to present to the Nation the big orientations of the next budget (2018-2019).

It is for the Government to share its vision, to listen the suggestions and comments from society to allow the population to appropriate this social budget https://www.haitilibre.com/en/news-26037-haiti-economy-the-budget-deficit-2017-2018-a-sinkhole-close-to-26-billion.html

With an ambitious growth forecast of 2.8% of the Gross Domestic Product (GDP), or nearly double that of the 2017-2018 fiscal year (between 1% and 1.5% according to the BRH oct. 2018 https://www.haitilibre.com/en/news-25776-haiti-flash-state-loans-to-the-brh-jump-from-96-to-188-billion-in-3-months.html ), the Minister announces that a significant part of the new budget will be devoted to initiatives to improve the living conditions of the most vulnerable populations in terms of social support measures as well as structuring and productive activities, in the sectors of the agriculture and construction as vectors of growth https://www.haitilibre.com/en/news-26037-haiti-economy-the-budget-deficit-2017-2018-a-sinkhole-close-to-26-billion.html

In spite of the many social provisions, the Minister Décembre declares that the State does not envisage any adjustment of the prices of petroleum products, nor of new taxes in this bill of the finances of 2018-2019 estimated at 166 billion Gourdes, after revision downward https://www.haitilibre.com/article-25945-haiti-actualite-zapping.html

It should be noted that this budget, which will be tabled in Parliament, although revised downwards by $166 billion instead of $175 billion, remains $11 billion higher than the last amending budget ($155 billion) and $22 billion higher than the initial budget tabled for the year. 2017-2018 (144 billion)...

However, one can only wonder with a deficit accumulated for the 2017-2018 fiscal year estimated between 24 and 26 billion Gourdes (still in progress) for lack of sufficient tax revenue (according to the statements of the Minister Décembre last 5 November https://www.haitilibre.com/en/news-26037-haiti-economy-the-budget-deficit-2017-2018-a-sinkhole-close-to-26-billion.html , the maintenance of fuel price subsidies, the annual deficit of EDH, the inability to stop the devaluation of the Gourde and the progressive disengagement of the international community... how the Government will be able to reach revenue of 166 billion ? The Minister seems to count on an anticipation of the growth of the GDP, the widening of the base of the income tax and on the reinforcement of the perception of the General Direction of the Taxes (DGI) and the General Administration of the Customs (AGD), the same expectations as in the previous budget with the poor result at the end of the fiscal year... (GDP growth below expectations and insufficient domestic tax revenues and a large and growing deficit).

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