Following a devastating earthquake in Haiti five years ago that claimed a quarter million lives, the Executive Board of the International Monetary Fund (IMF) has approved a three-year aid programme that provides US$69.7 million to help the country with its continued recovery. With about US$10 million already paid out under the Extended Credit Facility (ECF), the remainder will be phased in, subject to semi-annual programme reviews. The IMF said that though growth has been positive since the earthquake which occurred in January 2010, it was not significant enough to reduce poverty.

“Haiti’s pursuit of macroeconomic stability in the aftermath of the 2010 earthquake is commendable – growth has been positive, inflation has remained moderate, and international reserve levels adequate,” IMF’s deputy managing director, Min Zhu, said. “Going forward, continued efforts are needed to support sustained and inclusive growth, strengthen institutions and the policy framework, and maintain adequate buffers to absorb shocks.”

The IMF said that the new three-year programme seeks to entrench macroeconomic stability, improve competitiveness to spur inclusive growth, and preserve buffers, through streamlined policies that have full country ownership. In that case, the programme aims to reduce the non-financial public sector deficit from 7.5% last year to 3.25% of GDP in 2015, and 2.5% in the medium term to preserve sustainability.