Posted by MetropoleHaiti on Friday, June 29, 2018 Under: Economy
The Haitian financial authorities have revealed that at the end of the second quarter of the fiscal year 2017-2018 Haiti's public debt stood at 203,051.59 million gourdes, the equivalent of more than 3.1 billion US dollars. The predominance of external debt over domestic debt is still maintained at 67% of the overall portfolio.
Domestic debt ($ 1.04 billion) is largely dominated by claims against the Bank of the Republic of Haiti ($ 848 million) and external debt ($ 2.1 billion) by commitments to Venezuela (1.8 billion dollars). billion) which represents 85% of the external portfolio, informs the latest newsletter of the financial authorities.
The outstanding amount of public debt has increased by 6% compared to 30 September 2017. The fact that the Ministry of the Economy has taken into account the commitments of some town halls and other public institutions towards the Civil Pension entails in part increase.
As of March 31, 2018 the Treasury had already disbursed more than 8 billion gourdes to honor its commitments to its creditors. This amount represents 63% of the amount disbursed over the previous year. Between January and March 2018 more than 3 billion Gourdes were disbursed to pay the public debt service. From 1995 to the present, the external debt has more than doubled, representing growth of more than 137%.
External debt service has been a significant burden on state budgets over the past 25 years. Apart from the obligation to be paid in US dollars, which contributes in part to the deterioration of the Gourde, the external debt service reduces the capacity of the public power. According to what we can see, the external debt service has evolved in the course of the period from 1995 to 2018. It experienced an increase of 130.7% as of September 30, 2015 compared to the fiscal year 2013-2014, this growing trend continues to prevail until March 31, 2018.
In : Economy