Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin



News from the Caribbean:


Back To Today's News

IMF approves US$2.5 million disbursement to Haiti
Published on March 31, 2014 Email To Friend    Print Version

WASHINGTON, USA -- Last week, the executive board of the International Monetary Fund (IMF) completed the seventh review of Haiti’s performance under its program supported by the extended credit facility (ECF) arrangement. Completion of the review will enable an immediate disbursement equivalent to SDR 1.638 million (about US$2.5 million), bringing total disbursements under the program to date to the equivalent of SDR 39.312 million (about US$60.7 million).

The executive board also approved requests for waivers of nonobservance of the continuous performance criterion on the contracting or guaranteeing of short-term non-concessional external debt and approved modifications to end-March performance criteria.

Haiti’s ECF arrangement was approved on July 21, 2010, together with the full relief of the country’s outstanding debt to the Fund of about SDR 178 million (equivalent then to US$268 million).

Following the executive board’s discussion on Haiti, Naoyuki Shinohara, deputy managing director and acting chair, said:

“Haiti’s performance under the Fund-supported program has been satisfactory despite difficult circumstances. Reform measures and policies put in place have helped maintain macroeconomic stability and advance structural reforms. Growth has strengthened, headline inflation fell, and gross international reserves remained adequate. However, the overall fiscal deficit widened, reflecting larger-than-programmed investment spending and subsidies to the electricity sector. Progress was also made on reforming public financial management, in particular in the implementation of the Treasury Single Account.

“The program for FY2014 aims at consolidating macroeconomic stability and sustaining progress in structural reforms. These objectives will be supported by continued prudent monetary policy, the stabilization of the overall fiscal balance, and the continuation of structural reforms in the areas of public financial management, international reserve management, and the electricity sector. Advancing these reforms is essential to contain fiscal risks and address continuing vulnerabilities.

“The authorities have adopted a medium-term poverty reduction strategy, with special emphasis on job creation in manufacturing, tourism and agriculture, social inclusion, and improved governance. This would contribute to the establishment of an environment conducive to economic growth and to reducing Haiti’s dependence on foreign assistance.”
 
Reads: 2408





Click here to receive daily news headlines from Caribbean News Now!



Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code



Please note that, if you are using an AT&T domain email address, e.g. att.net, bellsouth.net, sbcglobal.net, the verification email will likely not be delivered. This is outside of our control and the only remedy seems to be for readers to complain to AT&T





Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.



Other Headlines:



Regional Sports: