IMF told Haitian Authorities Haiti Must Decrease Dependence on Foreign Assistance

After suffering from a devastating earthquake back in 2010, Haiti has been slowly recovering and has even surprisingly ensured economic growth in a short span of time for the past two years. This is due to the constant flow of financial aid given to the Caribbean country by developed countries through the International Monetary Fund (IMF). The IMF has already released about $300 million since 2010 to help Haiti out. But with the recent economic recession happening in several developed countries, chances of Haiti obtaining sufficient assistance from IMF and other nations for the next years to come is slim.

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Earlier this month, IMF urged the Haitian government to make efforts in decreasing the country's dependence foreign aid. IMF's representative, Boileau Loko, clarified in a press conference on Haiti's current macroeconomic condition that the IMF's recommendation was not because Haiti was ready to stand on its own feet. He argued that this was because the developed countries who have been supporting the country for the past few years have been recently suffering several economic problems of their own, thus their inability in the future to assist Haiti as much as they did previously.

Loko then suggested that the government increase the country's revenues through its customs and taxes. Despite Haiti's GDP growth for this year at about 3%, the IMF official believes that it isn't enough if the country were to be an emerging nation in 20 to years' time.

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