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Haiti - Economy : The Economist Eddy Labossière sounds the alarm 01/02/2019 08:56:29
The Haitian economist Eddy Labossière said that the financing of the budget deficit of the Government of more than 10 billion gourdes for the first quarter of the year 2018-2019 (October to December 2018) by the Bank of the Republic of Haiti (BRH) is "a deadly poison for the Gourde". He underlines that with reserves of barely 800 million US dollars, the margin of maneuver of the Central Bank is very limited and inefficient, deploring "The worst is that we do not see anything precise that is able to stop this dizzying descent "estimating that Government does not act immediately the Gourdes rate, which today requires 82 Gourdes for 1 dollars and which has depreciated by 26% the last 12 months could reach 100 or 150 Gourdes for 1 dollar... Moreover, he is very critical faced an "illogical" Government that does not take the measure of the situation that without budget to increase the current expenditure of the State by 35% during the last quarter. If the situation is not quickly controlled he fears that the popular anger causes a precipitous departure of the President and the fall of the Government To avoid this, he proposes that the Government declare the state of economic emergency in the country and suspend the enjoyment of certain State economic rights. The 30% reduction in government spending and ensuring that public spending is done according to cash flow to reduce the deficit to zero pending the revival of domestic production. Moreover, he advocates to restoring the Central Bank in its rights as sole manager of the national currency against foreign currencies. See also : https://www.haitilibre.com/en/news-26308-haiti-flash-the-next-budget-up-26-billion.html TB/ HaitiLibre
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