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Haiti - Economy : Some details on the draft Finance Act 2013-2014 29/06/2013 09:59:16
The Minister Laleau stated that the project is "a draft budget of combat at the service of development, poverty reduction and ultimately, a draft budget which falls within the strategy of Haiti emerging country in 2030." The overall envelope of the 2013-2014 budget was set at 126.4 billion gourdes. A decrease of 5.2 billion compared to the previous year. This reduction is related to the new approach of the Government on public investment that consists now to take into account only the projects ready to be executed and whose funding is identified and safe. Objectives and priorities of the Government: The draft Finance Bill 2013-2014 was developed based on the objectives and priorities of the Government, which are, among others:
Innovations included in the draft budget 2013-2014 : A new budget classification of expenditures and revenues was introduced in accordance with the regulations of the amended Constitution, to make the presentation of the budget clearer, more documented and transparent, thereby facilitating the readability of government commitments in favor of its policies; A budget planning document and economic multiannual of reference has been prepared by the Ministries of Economy and Finance and External Cooperation to register this budget project 2013-2014 in a three-year perspective consistent with the Strategic Development Plan for Haiti; The bill of regulation 2011-2012 is finally submitted to Parliament in conjunction with the draft Finance Act 2013-2014, in accordance with the law. Which represents a major advance in the management of public finances; An appendix containing the "50 measures for employment and economic growth" is on he documents submitted. These measures are part of the budget and will monitor the performance of sectors on the basis of clearly defined indicators. Distribution of budget masses : Own revenues represent 42.5% of the total, the balance being generated by donations for 25.4%, by external borrowings to 20.9% and domestic financing to the tune of 11.2%, whose slightly more than half in the form of emissions of Treasury bills. Expenses, operating funds are 36.6% of the total against 61.3% for capital and 2.1% for the amortization of the debt. Total revenues are projected at 53.7 billion gourdes two-thirds in the form of internal revenue. This amount includes an effort to collect and government revenue collection. Current expenditure rose by 11% to 46.1 billion gourdes under pressure from staffing costs ($ 24 billion) and operating ($ 15 billion) while transfers and subsidies retreating 5.7 billion gourdes against 7.5 billion in 2012-2013. The interest on the debt rose slightly to 1.5 billion gourdes, or 1.2% of the total budget. The basic balance is positive, with 7.6 billion gourdes. It will be entirely devoted to investment. The overall balance excluding grants is -70 billion gourdes. This deficit is partly funded by donations which will amount to 30.3 billion gourdes. Or 2 billion of budgetary support and 28.3 billion of aid projects. The remaining fund will be covered by net external financing, mainly provided by the Petro Caribe funds for 25.6 billion and internal financing of 12.3 billion whose some in the form of net emissions of Treasury. Sectoral breakdown of credits proposed : Nearly half of the funds, or 49%, are vested to the economic sector, generating of growth and jobs, starting with the Ministry of Public Works, Transport and Communications with 20.7%. More than 25 billion Gourdes will be devoted to infrastructure investments, including $ 5.1 billion for urban renewal, 10.4 billion for the implementation of the national transportation system, 4.3 billion to strengthen the electricity supply in the country, 2.6 billion for the supply of drinking water and sanitation. Investments in the agricultural sector will be 6.4 billion gourdes. The political sector sees reserved for it 15.4% of credits, whose more than half (8.2%) will go to the benefit of the Ministry of Justice in charge of national security. The social and cultural sector will receive ignificant funds, exceeding 30 billion gourdes corresponding to a little more than a quarter of the budget, including 12.8% of the budget in favor of National Education and Vocational Training, or a total of 16.1 billion gourdes evenly distributed between recurrent and investment. Health will receive nearly 7 billion gourdes of creditsor 5.5% of the budget. Cultural activities will receive credits up to 2.8 billion gourdes. Some key figures : The expected growth rate is 4.5% after the 3.4% expected this year. The inflation rate will remain at 6.5% content. The budget deficit should be confined to less than 4% of GDP. The tax burden is expected to grow at 12.7% in line with the medium-term objective set at 15%. See also : https://www.haitilibre.com/en/news-8889-haiti-economy-submission-of-draft-finance-law-for-the-year-2013-2014.html HL/ HaitiLibre
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