IMF Approves New Aid Programme for Haiti

The ECF support program by the IMF has been designed to introduce sustainable growth potential, bringing macroeconomic stability and reducing the country's vulnerability to shocks and other disasters. It will help to improve the competitiveness to encourage comprehensive growth, and maintain buffers, through streamlined policies that have full country ownership. The SDR (Special Drawing Right) is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. The value of the SDR is determined by a basket of four key international currencies, which can be exchanged for freely usable currencies.

In July 2010, as a response to the 2010 earthquake, the IMF had extended $60 million in financial aid under an ECF and erased Haiti's earlier $268 million of debts. Following the Board's discussion Mr. Min Zhu, IMF's Deputy Managing Director, and Acting Chair while appreciating Haiti's rebuilding efforts has said, the growth in Haiti has remained positive, inflation has remained moderate, and the international reserves in the country were adequate. Although, the per capita growth has been positive, it was insufficient to reduce poverty at the desired level. High fiscal and external deficits have increased Haiti's vulnerability. Due to the socio-political difficulties, progress on structural reform was limited. However, Haiti's pursuit for macroeconomic stability in the aftermath of the 2010 earthquake is really admirable.

Reply to this article

Read more: IMF, International

« Haiti Tourism Minister, Stéphanie Balmir Villedrouin, visites Boston and Brockton | Main | Grant To Small-Scale Sorghum Farmers Supply Local Markets In Haiti »

Return to Articles List

Our objective is to share with you news and information about Haiti and the people of Haiti. Traditions, habits and the way we were  or  grew are alive in this site. We highly recommend that you Subscribe to our Newsletter and also share with us some of the things that are memorable and made us unique people.