Haiti : Public Expenditure Management and Financial Accountability Review
Haiti made good progress over the past three years but major challenges remain to accelerating growth and reducing poverty. After the lost decade 1994-2004, marked by political instability and economic decline, Haiti reformed significantly and revi...
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| Format: | Publication |
| Language: | English en_US |
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Washington, DC : World Bank
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/06/9660607/haiti-public-expenditure-management-financial-accountability-review http://hdl.handle.net/10986/6469 |
| Summary: | Haiti made good progress over the past
three years but major challenges remain to accelerating
growth and reducing poverty. After the lost decade
1994-2004, marked by political instability and economic
decline, Haiti reformed significantly and revived growth,
especially in the past three years. Macroeconomic policies
implemented since mid-2004 helped restart economic growth,
reestablish fiscal discipline, reduce inflation and increase
international reserves. Financial sector stability has been
maintained though weaknesses have emerged. Significant
progress was also achieved in the implementation of economic
governance measures, mainly in the area of legal framework,
core public institutions and financial management processes
and procedures. Notably, basic budget procedures were
restored, the public procurement system strengthened, and
anti-corruption efforts stepped up. Efforts were also made
to improve efficiency and transparency in the management of
public enterprises. This wave of reforms led to renewed
confidence and translated into higher growth. Real Gross
Domestic Product (GDP) is estimated to have grown by 2.3
percent in FY2006, implying an increase of about 0.6 percent
in per capita GDP, compared to -0.2 percent in FY2005. The
successful implementation of its stabilization program
helped Haiti benefit from a three year International
Monetary Fund (IMF) - Poverty Reduction and Growth Facility
(PRGF) supported program. In addition, in November 2006,
Haiti qualified for debt relief under the Enhanced Heavily
Indebted Poor Countries (HIPC) Initiative by reaching the
decision point under the initiative. |
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