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Haiti - Economy : Summary of the situation of public finances 04/08/2024 10:11:55
"Over the first nine (9) months of the 2023-2024 fiscal year, the situation of public finances is as follows : Until January 2024, monthly revenues were increasing year-on-year. However, since February, the trend has reversed, implying a 4% decrease in cumulative revenues up to June 2024 compared to the same period of the previous fiscal year. Thus, current revenues collected fell from 130 billion Gourdes as of June 30, 2023 to 125 billion Gourdes as of June 30, 2024. This year-on-year decrease is due to the 7% drop in internal revenues, from 86.14 billion Gourdes to 80.10 billion. However, this decline was mitigated by a 2% increase in customs revenues, from 43.83 billion Gourdes to 44.67 billion. Total expenditures recorded a decrease of 8% year-on-year, explained by a much larger drop in investment expenditures (-27%), and a smaller decline in current expenditures (-7%). The item 'subsidy and other current transfers', commonly called 'subsidy', shows a considerable decrease of -34% year-on-year, from 12 billion Gourdes as of June 30, 2023 to 7.9 billion as of June 30, 2024. It should be noted that 29% of these subsidy expenditures, or 2.27 billion Gourdes, were disbursed in favor of Electricité d'Haïti (EDH). Capital expenditures financed from the public treasury continue to be under-executed. Indeed, 3.3 billion Gourdes were disbursed under the Public Investment Program (PIP) out of the 33.9 billion Gourdes planned in the budget for the current fiscal year, which corresponds to an execution rate of 9.8%. All in all, total expenditure over the past nine (9) months is well controlled and represents 74% of the revenue collected over the same period compared to 77% for the previous year. With regard to the level of financing of the Bank of the Republic of Haiti (BRH), at the end of June 2024, the State's deposits net of special accounts increased by 1.6 billion gourdes and gross internal receivables on the State decreased by 2.9 billion gourdes. This results in negative monetary financing of 4.5 billion gourdes. Furthermore, of the 12 billion gourdes of net treasury bill issues programmed in the budget, only 5.3 billion gourdes were mobilized, i.e. an execution rate of 44%." HL/ HaitiLibre
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