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Haiti - Economy : Amending budget for the 2nd semester...
13/04/2022 11:20:02

Haiti - Economy : Amending budget for the 2nd semester...
Haiti not having been able to obtain a budget on time for the fiscal year 2021-2022, the management of the first 6 months of the current fiscal year was done through an amended budget renewed . Monday, April 4th, 2022, Prime Minister a.i. Ariel Henry, presented the framework letter for the renewed amending budget 2021-2022 which includes the main macroeconomic guidelines and the main lines of the budgetary policy for the rest of the fiscal year 2021-2022.

"We have just negotiated a benchmark program with the International Monetary Fund (IMF) in which we have undertaken to do everything possible to restore growth and limit the impact of the expected rise in inflation on the most vulnerable households, through the implementation of government social programs," said Henry

In summary :
According to the framework letter, "economic activity is expected to rebound moderately during fiscal year 2021-2022 with real Gross Domestic Product (GDP) growth of around 0.3%, supported by a recovery in investment, at through the implementation of the Southern Peninsula Integrated Recovery Plan (PRIPS) https://www.haitilibre.com/en/news-35978-haiti-flash-the-pm-obtains-promises-of-international-commitment-of-$600-million.html (10 billion gourdes over four years) and the financing of the agricultural sector in a context of relative political stability."

This renewed amending budget is based on a tax pressure rate of 6.4%, against 5.7% during the previous fiscal year; "an inflation rate of 27.3% year-on-year against 13% in 2020-2021 and financing from the Central Bank of Haiti (BRH) of 40.3 billion Gourdes against 49.2 billion during the previous fiscal year."

The framework letter provides for a budget envelope of 3 billion Gourdes for the second half of the current fiscal year, to strengthen the implementation of the National Policy for Social Protection and Promotion (PNPPS) and intervene in the financing of agricultural campaigns to mitigate the anticipated rise in inflation...

On the fiscal level, it is planned : an extension of the Revenue Management System (RMS) at the level of the offices of the DGI; continued gradual implementation of the Tax Expenditure Rationalization Plan (PRDF); the strengthening of the IT systems of the financial authorities (AGD-DGI-Trésor) to increase the exchange of information; the strengthening of structures for better collection of customs duties; monitoring of the information exchange agreement between the customs authorities of the Dominican Republic and Haiti to combat smuggling; the acceleration of the information sharing process between the DGI and the National Identification Office for the identification of taxpayers and the strengthening of the monitoring mechanism for the payment of claims of autonomous bodies to the Public Treasury.

Concerning the control of the government wage bill, it is based on the one hand on voluntary retirement and on the other hand on recruitment limited to one new person hired for 2 terminations of employment.

TB/ HaitiLibre

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