Economy and Finance Minister - Haiti Observer Blog

In Haiti's 2015 presidential elections, the United States, along with other international bodies, provided a total of US$38 million to Haiti's Conseil Electoral Provisoire (Provisional Electoral Council, CEP). The U.S. spent $33 million on the 2015 elections and in last July, has threatened to withhold further funds, because during the last elections, political turmoil resulted massive frauds and unacceptable election results, and following that President Privert announced his decision to re-run the presidential race. Later, President Privert assured the public that the elections of October 9, 2016, will be funded nationally. He has affirmed that the $55 million needed for the elections is available in the public treasury. As per Finance Minister Yves Romain Bastien, the election money received for the last election was never in the hands of the Haitian authorities. He has also said that the upcoming polls would be largely paid for through funds collected from a port, the central bank and Haiti's National Credit Bank. Funding of other government programs would be largely excluded because the port and two banks are good profit making concerns which they ordinarily do not share with the state, he added.

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The Haitian gourdes has been losing its value fast for the past few Months.At the beginning of the Month, the exchange rate was 46 gourdes for a US dollar. Today, you need 47 Gourdes for a dollar.

With the current level of political instability in the country will Haitians need 50 gourdes to buy one one US dollar by the end of the year?

Central Bank Governor Calms Fears about Gourde Devaluation

Governor of Haiti's Central Bank, Charles Castel, addressed a growing alarm the gourde might depreciate too quickly before the end of the year. It is now trading at 47 gourdes for each U.S. dollar and worries are depreciation of Haiti's currency may reach 50 gourdes by years' end.

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A graphical view of the Haitian Inflation Rate in recent years will look like a turbulent sea, filled with wave-like undulations that can spell hope of dread for the future within Haitian businesses and households. At the beginning of a new year, the forecast coming out of the Banque de la République d'Haiti, which has the responsibility of reporting the rate, was that the seas were looking calmer for Haiti's inflation rate.

The November 2013 numbers leveled out to a low of 4.20. That was the lowest rate not just for 2013, but was also lower than the lowest mark, 4.9, recorded in July of 2012. Since the inflation rate in the country is a benchmark of the wide fluctuation of prices paid by consumers for the usual quantity of commodities, the news augurs well for the turning tide in the long-suffering country.

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The Haitian government has finalized on a cabinet reshuffle following pressure on President Michael Martelly.

The reshuffle is the third during the 20 months reign of Martelly and the 2nd in 5 months. There have been claims that the current government has been unstable due to a non-performing cabinet.

The Prime Minister Laurent Lamothe informed the public about the planned reshuffle via his twitter account on Tuesday.

The reshuffle comes after several ministers resigned from their ministerial positions.

The swearing in of the new cabinet is scheduled to happen this Wednesday at around 10.00 am before the Prime Minister leaves the country for Devo. Among the ministers who were retained during the ministers shakeup include; the minister in charge of public health and his counterpart in tourism.

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