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Haiti - Economy : Progress of IMF loan of $229M, suspended
23/03/2019 10:15:43

The vote of no confidence of the Prime Minister on March 18 in the Chamber of Deputies, https://www.haitilibre.com/en/news-27219-haiti-flash-haiti-has-no-more-government.html and consecutively the fall of its Government, has a negative effect on the US$229 million concessional loan agreement in Haiti, at a rate of 0% over three years (which still needs to be approved by the IMF Executive Board) signed at the the International Monetary Fund (IMF) Mission headed by Chris Walker https://www.haitilibre.com/en/news-27124-haiti-flash-the-government-will-borrow-$229m-from-the-imf.html

Thursday, March 21, Gerry Rice, the IMF's Director of Communications at a briefing in Washington, announced that following a follow-up of the political situation in Haiti "We can not move the process forward to the IMF Executive Board without a little more clarification on the establishment of a new government and the introduction of the budget [...] We hope that political uncertainties can be quickly dissipated so that we take back the work to help Haiti and the Haitian people facing enormous socio-economic challenges."

A decision of great consequence for Haiti, the other donors having a habit of aligning themselves with the positions or decisions of the IMF...

Reacting to information circulating about the freezing or blocking of the 229 million IMF for Haiti, President Jovenel precise attempts to minimize "[...] I tell everyone that the IMF Board will meet on April 24 to approve the IMF agreement, today is the 22nd, there are 32 days left for the IMF board to meet to approve the agreement [...] but there is no case that they have frozen this 229 million in the IMF."

However, Moïse should remember that at the time of the signing of this agreement, there was still a Prime Minister and a Government and that the request of the IMF should be taken seriously, see as a warning.

If Haiti wants to benefit from this loan that is not acquired until it is approved by the IMF Executive Board (contrary to what Jovenel Moïse believes), we will have to make a kind so that Haiti finds quickly a government and a normal political situation.

SL/ HaitiLibre