The Council of Ministers approves the 2023-2024 amending budget of 254.82 billion gourdes, marking a downward revision of 20.5% compared to the initial budget of 320.65 billion gourdes.
On Monday, August 12, 2024, the Council of Ministers of Haiti approved the amended budget for the year 2023-2024, setting the overall envelope at 254.82 billion gourdes, marking a downward revision of 20.5% compared to the initial budget of 320.65 billion gourdes. This decision comes in a difficult economic context, where the government has deemed it essential to adjust its priorities and respond to the urgent needs of the population while maintaining macroeconomic stability.
The reasons leading to this fiscal readjustment are multiple. On the one hand, the government faced a significant shortfall in resources, exacerbated by a persistent economic contraction. On the other hand, the need to avoid inflationary pressures led to a reassessment of financing sources.
The amending budget highlights several priority objectives, including strengthening security, supporting vulnerable populations, creating jobs, and promoting good governance. In particular, efforts will be made to initiate measures to promote the resumption of economic activity and to launch the long-awaited electoral process.
The budget does not provide for monetary financing in order to prevent any inflationary pressure, a decision welcomed by economists who see it as a cautious approach to the current crisis.
Among the notable actions included in the Multisectoral Emergency Program, the government is committed to providing direct support to more than 25,000 vulnerable households through unconditional cash transfers, while providing financial support to approximately 35,000 subcontracted workers. In addition, approximately 280,000 parents of students will benefit from targeted cash transfers to support their children’s education.
The program also aims to reduce food insecurity, with the distribution of solidarity baskets and the supply of community restaurants for households in difficulty. These initiatives will be financed in part by the International Monetary Fund (FMI) through the Food Shock Window (FSW) program.
Strengthening the social protection system is also a priority, with activities aimed at professional integration, the empowerment of women, and support for small businesses.
The government also plans to create temporary jobs through labor-intensive work in key sectors such as agriculture, public works, and the environment.
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2024-08-18 16:07:20