2011年-IMF国际货币组织全球_Haiti_Request_for_Extension_of_the_Arrangement_Under_the_Poverty_Reduction_and_Growth_Facility_Staff_Report_5页_428kb

Haiti: Request for Extension of the Arrangement Under the Poverty Reduction and Growth Facility – Summary

Core Content

This document outlines the Haiti government's request to extend the Poverty Reduction and Growth Facility (PRGF) arrangement until May 31, 2010. The extension is necessary to allow sufficient time for the completion of the sixth and final PRGF review and for the final disbursement under the current arrangement. The request was made in the context of a change in government and a delay in the staff mission for the sixth review.

The report is prepared by the IMF Western Hemisphere Department, in consultation with other departments, and was completed on January 12, 2010, based on information available up to that date. The views expressed are those of the staff team and not necessarily those of the IMF Executive Board.

Main Points

• Request for Extension: The Haitian authorities requested an extension of the PRGF arrangement to May 31, 2010, to ensure the completion of the sixth review and final disbursement.
• Previous Arrangement: The PRGF arrangement was initially approved on November 20, 2006, with access augmented twice, totaling 138% of quota (SDR 114.7 million).
• Timing of the Extension: The sixth review was originally due by end-September 2009, but the extension to May 31, 2010, is required due to the delay in the mission caused by the change in government.
• Macroeconomic Performance: Through end-September 2009, macroeconomic performance was broadly in line with the program, although the zero ceiling on non-concessional external debt was breached. A US$50 million shortfall in budget support disbursements was offset by higher-than-programmed net international reserves and a lower fiscal deficit.
• Sovereign Loan with BANDES: The government contracted a US$33 million loan with the Development Bank of Venezuela (BANDES), which has a grant element of 30.2%, slightly below the 35% threshold required under the continuous performance criterion. A waiver of nonobservance will be needed.
• Structural Benchmarks: Out of seven structural benchmarks, five were not met, but overall progress toward structural conditionality was considered satisfactory. Some benchmarks were met with delays, while others were not yet completed.
• Government Commitment: The authorities remain committed to macroeconomic stability and the completion of the review. They also requested a new three-year Extended Credit Facility (ECF) arrangement to help sustain economic growth.

Key Information

• Test Date for Sixth Review: End-September 2009.
• Status of Structural Benchmarks:
  • Met with delay: Execution of emergency spending, customs code legislative passage.
  • Met: Limit to 10% nonwage current spending, electricity tariff reform.
  • Not met: Legislative passage of new banking law, first stage of BRH recapitalization, setup and training of debt management unit in MEF.
• New ECF Arrangement: The government is seeking a new three-year ECF arrangement to support continued economic growth.
• Staff Recommendation: The IMF staff supports the extension of the PRGF arrangement and proposes the attached decision for adoption by the Executive Board on a lapse-of-time basis.

Conclusion

The request for an extension of the PRGF arrangement reflects the ongoing efforts of the Haitian government to maintain macroeconomic stability and complete the necessary structural reforms. Despite some delays and non-compliance, the overall progress is considered satisfactory, and the extension is essential to ensure the timely completion of the sixth review and final disbursement. The IMF staff endorses the request, and the Executive Board is expected to approve the extension on a lapse-of-time basis.