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Finance

Haiti is first in many things. The first independent nation of Latin America and the Caribbean, the first black-led republic in the world, and the second republic in the Americas when it gained independence in 1804 as part of a successful slave revolution lasting nearly a decade

Cost Accounting System to Improve Healthcare in Rural Haiti

A good method of Cost accounting helps to identify possible inefficiencies and areas of necessary improvement.
A few years ago, a Boston based non-profit healthcare organization 'Partners In Health', worked in the health care system in Haiti and submitted a report on "Building Surgical Systems in Haiti". The report highlights that the 2010 earthquake resulted in thousands of donors, philanthropists, and international organizations coming to Haiti to offer services. For months they worked to save lives and ease suffering. What they did not do, however, was to contribute to strengthening Haiti's public health system while the main challenge to improve this sector was nothing but to getting doctors and care giver's commitment and involvement into the essence of the system.

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Haiti's public debt at $ 2,771 million, 33.5% of Haitian GDP

In 2016, Haiti's public debt at $ 2,771 million reached 33.5% of Haitian GDP and that translates to $255 per individual citizen. As per recent reports (dated May 27, 2017), the national and international debt of the Republic of Haiti hovers around US$3 billion out of which $1 billion represents internal debt and $2 billion of external one.

An 'External Debt' (or foreign debt) is the total debt of a country due to the foreign creditors while an 'Internal Debt' (or domestic debt) is the part of the total government debt in a country that is owed to lenders within the country.

If we compare this debt amount with other neighboring Caribbean countries, we might understand the relative soundness and solvency of the Haitian economy.

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Haitian government borrowed over a billion of gourde from ONA, no interest

Emmanuel Ménard and the Office of National Old Age Insurance (ONA)

I guess if you have the power, you can make the rules of the game. According to actual document, the actual Director of the National Old Age Insurance Office (ONA), Renald Benjamin is crying fault as he has discovered that the minister of Finance under the government of Michel Martelly, Wilson Laleau, went deep on the fund of the ONA. The government had borrowed a total of One Billion and two hundred million of gourdes from ONA at zero interest. There transactions took place between September 2015 and January 2016 when Emmanuel Menard was in charge of ONA. So far efforts by the current administration of ONA to recover the money have been unsuccessful. The actual Minister of Finance, Yves Romain Bastien, is asking for the current Director of ONA to give him copy of these loan contracts.

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The salary of the CEP members doubled overnight

installation of 9 members of the Provisional Electoral Council (CEP)

I am definitely working at the wrong place. Just to receive a three to five percent cost of living increase, it takes me years. This is not the case for the members of the CEP in Haiti. They just received an adjustment in their salaries from 124.000 gourdes to 240.000 gourdes. This is an increase of One hundred percent. The minister of Finance Wilson Laleau, has instructed the Treasury Department to take the appropriate measures to make the adjustment retroactive back in October, 2015. By the way these salaries do not include other fringe benefits usually associated with the position such as free vehicles, gas securities, and others

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Eske ou konnen wol Dediksyon, Ekzanpsyon ak Kredi jwe nan taks Ameriken?

2015 Tax Help

Gen twa gwo faktè ki detèmine konbyen lajan ou pral peye Tonton Sam nan taks oswa kenbe pou tèt ou ane sa a Yo se Ekzanpsyon, Dediksyon ak Kredi. Lè ou konnen fonksyon yo, sa ap ede ou pran anpil avantaj de yo, tankou pifò moun ki fè siksè nan Amerik la.

Diferans ki genyen ant dediksyon, egzanpsyon, ak kredi kapab rezime jan sa yo: dediksyon ak egzanpsyon tou de diminye revni taksab ou, pandan ke kredi diminye taks ou.

Ekzanpsyon: Pou ane fiskal 2015, kantite lajan pou egzanpsyon pèsonèl se $ 4,000 pou ou ak pou chak depandan reklame nan taks ou.

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Haiti currency depreciation, 60 Haitian Gourdes for a U.S Dollar

In spite of reassuring statements and intervention of the Haitian Central Bank, the Haitian Gourde kept sliding against U.S Dollar. Today, (December 17, 2015) US$ 1:00 is equivalent to 56.73 Haitian Gourde. The value of one country's currency depreciates mainly on its economic condition which is again vulnerable to domino effect or cumulative effect of several factors like economic fundamentals, political instability, foreign trade imbalance, etc. To understand the severity of the problem few practical examples would be good enough.

Suppose, in 1995, a well-to-do Haitian family had a monthly income of 20,000 HTG. With the prevailing exchange rate of 1995, the family had an income of $1,142.85 in 1995, but in 2015, the same income of 20,000 HTG with the current exchange rate, would be much less, $352.53 only. Similarly, an amount of $1000,000 kept in a bank in 2010 would be presently reduced to $675,000 only. A reduction in one country's value of money is good for an economy which has more export than import, but Haiti heavily depends on import. Its import bill will be more expensive than ever.

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Silence of Haitian monetary authorities amid economic panic, alarming

Haitian Monetary Authorities ignoring Economic Panic engulfing the Country

Haitian monetary authorities are remaining mum as the devaluation of the gourde has helped contribute to an economic crisis within the country. The devaluation is connected to neo-liberal policies promoted by U.S. democratic institutions.

Platform Advocating for Alternative Development in Haiti (PAPDA) Director, Camille Chalmers says the neo-liberal economic development model is a two-edged sword. The upside is it increases Haiti's competitiveness in the global marketplace. The downside is it lessens the purchasing power of Haitian workers, paid in gourdes.

Adding to the crisis, according to Chalmers, are impending fall elections for state and local offices and the presidency. Rumors have been circulating elections won't be held, leading to more government instability. As a result of such predicted developments, people are uncertain, closing their accounts at Haitian banks and sending their money overseas. Chalmers warns, "These issues could cause a social explosion of unrest" He is referring to the 2008 food shortage violent demonstrations.

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Solidarity Fund for Returnees from Dominican Republic

On Thursday, June 18, during a press conference, Emmanuel Menard, the Director General of the National Old Age Insurance Office (ONA) has announced the creation of a solidarity fund (FONDSONA) valuing over 2 million gourdes for the expelled Haitians. The fund has been collected through voluntary contribution from the salaries of their employees to assist the repatriated Haitians from the Dominic Republic. The Director General of ONA has said he is proud of his employees' generous gesture and hopes other organizations to follow their steps. The Group "Haïti Chérie" (Dear Haiti), an entity in the Haitian private sector, has also announced the creation of a civic solidarity fund within the framework of upcoming repatriations of Haitian citizens. The fund initially consists an amount of one million gourdes. Moreover, this group has invited all national authorities to take necessary effective measures to improve the investment climate in the country.

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Millions Spent Without Justification in Petit-Goave

Recently, a representative team from the Superior Court of Auditors and Administrative Disputes (CSA/CA) has audited the books of accounts and records of the Town Hall of Petit-Goâve during the period from 2006 to 2014. The team of the CSA/CA was heavily dissatisfied with the use of funds and mode of accounting followed by the authority. An amount totaling over 18 million Gourde was spent without any authorization or supporting documents. Out of that fund, 5 million Gourdes belongs to the period of former Mayor Marc Roland Justal and the balance 13 million Gourdes went to the administration of Mayor Sandra W. Jules. As per Justal's explanation, 5 million gourdes were related to damage caused by the 2010 earthquake and a part of it was lost on account of vandalism. Some related documents were handed to the officers of CSA along with a report prepared by a Justice of Peace of the city. Mayor Sandra W. Jules will explain about the 13 million gourdes after her council's audition on June 23rd. Some sources indicate that the Town Hall was the victim of embezzlement of public funds.

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DGI Collected 68 Percent Of Expected By Mid Fiscal Year 2014-2015

On Monday, June 8, 2015, Mr. Miradin Morlan, the holder of the General Tax Directorate (DGI) has announced that DGI had collected more than 17 billion gourdes, 68% of the total expected revenue of 25 billion gourdes, in the middle of the 2014-15 fiscal year, excluding the taxes collected by different directorates and tax centers in provincial towns whose collections are expected to be reported shortly. New software will be operational soon which will ensure a better and rational management of tax records and maintenance of the security level of the revenue collected. The tax payers can avail online tax payment and declaration facilities in a simplified way like the cities of Hinche and Cap Haitien which have already been computerized. At the end of the current month, the DGI will inaugurate a new building towards its effort on decentralization with connectivity. DGI was created by a notification in "Le Moniteur" on Thursday, June 12, 1924, through an enactment dated June 6th, 1924 under the presidency of Louis Borno, and the department has celebrated its 91st birthday on last Saturday, June 6th.

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