Haiti - FLASH : Deficit of 33.1 billion for the first 6 months of the fiscal year - HaitiLibre.com : Haiti news 7/7





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Haiti - FLASH : Deficit of 33.1 billion for the first 6 months of the fiscal year
10/05/2021 09:26:37

Haiti - FLASH : Deficit of 33.1 billion for the first 6 months of the fiscal year
The Note on Monetary Policy of the Bank of the Republic of Haiti (BRH) analyzes recent developments observed in the Haitian economy. Its objective is to provide information on the stance of monetary policy and on the latest decisions taken by the authorities in order to identify short-term prospects for the national economy.

Abstract extracts from the BRH Note:
The second quarter of fiscal year 2020-2021 (January to March 2021) was characterized by the uneven recovery of the main world economies and Haiti's major partners...

In the Dominican Republic, economic growth has resumed due to the dynamism of sectors such as construction, trade and mining, combined with support measures from the authorities which have allowed a significant increase in private credit...

In Haiti, the socio-political situation and security conditions continue to weigh heavily on economic activity and the ability of tax authorities to mobilize resources. Likewise, the supply conditions of urban markets and access to food products are affected, generating more pressure on prices ...

In the second quarter of 2021, the socio-political and security situation was confirmed as the main constraint to the revival of activities. This situation has thus led many companies to maintain a wait-and-see position and households to postpone some of their consumption...

At the same time, prices in the economy have suffered the adverse effects of the disruption of supply conditions by the security climate, the rise in the price of basic products (food and oil) on the international market and the depreciation of the gourde...

At the level of the external sector, preliminary data showed a significant deterioration in the trade balance [...] Driven by the substantial increase in imports, the trade balance reached -1.49 billion dollars between October 2020 and February 2021 against -948.4 million over the same period of the previous fiscal year ...

Imports in the first five months of the current fiscal year grew 37.7% to $ 1.8 billion...

Exports fell 7.5% to 388.73 million dollars, due to the drop in world demand for clothing, caused by the health crisis...

Private unrequited transfers, which constitute a major source of foreign exchange for the country, fell 6.3% from the previous quarter to $830.3 million...

The deterioration of the business climate, resulting from the social and political situation, has had a negative impact on the situation of public finances, affecting the capacity of the State to mobilize resources during the second quarter of 2021...

Revenues fell by 10.44% on a quarterly basis […] which represents a collection rate as a percentage of the forecasts of 68.3% against 76.3% a quarter earlier.
The resources collected by the state over the first 6 months of the fiscal year amounted to 130.4 billion gourdes, including 47.9 billion in tax revenue. These were insufficient to cover disbursements totaling 154 billion, including 90.2 billion in budgetary expenditure made by the State over the period ...

The financial operations of the State ended in the first 6 months with a Treasury deficit financed, in part, by the BRH to the tune of 33.1 billion, below the ceiling of 39.3 billion set within the framework of the economic and financial governance pact signed between the Ministry of Finance and the BRH...

For the last two quarters of fiscal year 2020/2021, the outlook for the Haitian economy remains mixed. Externally, the continued increase in commodities on the international market is likely to increase the country's import bill and fuel tensions over the demand for dollars in the country...

For the last two quarters of fiscal year 2020/2021, the outlook for the Haitian economy remains mixed. Externally, the continued increase in commodities on the international market is likely to increase the country's import bill and fuel tensions over the demand for dollars in the country...

At the same time, an alleviation of the socio-political crisis and the improvement of security conditions together with an orderly implementation of the Government's economic recovery plan should allow the Haitian economy to benefit from the positive effects of the worldwide economic recovery, particularly in the United States.

Download the full BRH 2nd Quarter report for all the details (PDF) : https://www.haitilibre.com/docs/note_polmon2t21.pdf

Q1 2020-2021 report : https://www.haitilibre.com/docs/note_polmon1t21.pdf

See also :
https://www.haitilibre.com/en/news-32991-haiti-economy-more-than-20-billion-deficit-in-the-1st-quarter-of-2020-2021.html

HL/ HaïtiLibre

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