IMF approves US$105 million for Haiti

By Shanieka Smith

Staff Writer

February 2, 2023 – A US$105 million grant has been approved by the International Monetary Fund (IMF) to assist with Haiti’s balance of payments due to the global food crisis.  The IMF noted that the recent spike in price inflation has impacted Haiti severely, especially because of the recent cholera outbreak.

“Haiti is facing a dire humanitarian crisis and was hit hard by the economic spillovers from Russia’s invasion of Ukraine.  These spillovers included record price inflation that worsened Haiti’s fragility and compounded the suffering of Haiti’s population already affected by a severe malnutrition,” IMF Deputy Managing Director, Antoinette Sayeh said.

Sayeh said the fund was approved under the Food Shock Window of the Rapid Credit Facility.  She added that the most vulnerable will receive support through feeding programs, school fee waivers, and other budgetary resources.  Sayeh advised that the emergency fund should be carefully monitored and tracked to ensure that it is used only for emergency response.

Internal expenditure audits are encouraged for all ministries that work closely with this emergency fund.  Sayeh said a Staff – Monitored Program involving various macroeconomic and structural policies should be implemented on the island, which will help restore economic stability.