Haiti - Economy : 2nd fiscal year in a row, without approved budget - HaitiLibre.com : Haiti news 7/7





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Haiti - Economy : 2nd fiscal year in a row, without approved budget
03/10/2019 11:22:36

Haiti - Economy : 2nd fiscal year in a row, without approved budget
Haiti has opened its new fiscal year 2019-2020 (October 1) without the finance law is ratified in flagrant violation of the law on the preparation and execution of the draft budget law.

Since no draft budget law has been ratified, it is the current budget which is renewed, in this case it is the budget of 2017-2018, already renewed for the fiscal year 2018-2019 also for lack of a finance bill ratified...

Economists, members of civil society and observers are unanimous in recognizing that this is a new step in underdevelopment and bad governance...

The economist Enomy Germain recalls "[...] The budget 2017-2018 was about 145 billion gourdes. When it is renewed, it is the nominal value which is renewed, not the real value which is eaten by the inflation [...]" which reduces the renewed budget of the amount of the annual inflation not to mention the effects of the 30% depreciation of the Gourdes value on the purchase of certain goods and services by the Government...

The economist Etzer Emile believes that with or without a ratified budget, the situation is the same explaining that in all cases "[...] budgetary choices are not at the service of growth and development [...]"

For his part economist Kesner Pharel believes that the abolition of a bill of finance ratified, is the result of the dysfunction of the State and that it is a bad start for this new fiscal year which "Strengthens the uncertainty in the economy and should jeopardize the prospects for economic growth for 2020 [...]" recalling that for the past five years, Haiti has failed to reach the 2% GDP threshold needed to create jobs and reduce poverty...

Note that without a new budget there is no economic planning possible or objectives adapted to the circumstances and real needs, which suggests another catastrophic economic balance...

PI/ HaitiLibre

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