Haiti: Debt Statistics and IMF support -- Background Note

Background Note

Haiti: Debt Statistics and IMF support

January 27, 2010

Haiti's PRGF program was automatically converted to an ECF arrangement when new IMF low income country facilities became effective on January 7, 2010.
Proposed augmentation (January 2010) is SDR 65.5 million (US$100 million), or 80 percent of Haiti's IMF quota.
Principal repayments would start after 5 1/2 years, with a 10-year maturity.
Interest rate on outstanding loans is zero until 2012.
Haiti makes virtually no payments to IMF until 2013 (see table below).

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Video (4:26) "Debt Relief for Haiti, Savings for the Future" (July 2009)

Haiti Debt Statistics
	2008	2009
External debt (US$ mn)	1,885	1,247
% GDP	28.7	19.0
% Exports G & S	226.3	133.7
External debt service (% exports g & s)	8.2	3.9
Multilateral debt (US$ mn)	1,435	677
IMF	104.8	165.6
IDB	774.8	417.5
IDA/IBRD	512.8	38.8
Others	42.6	54.9
Bilateral debt (US$ mn)	388	507
Venezuela	167.3	295.2
China, Taiwan	91.8	89.7
Others	128.7	122.1
Source: Haitian authorities.

HIPC Debt Relief : Debt Service Savings (US$ mn)
HIPC Initiative	265
MDRI	972.7
IDA	486.7
IDB	486
IMF¹	0
Total debt relief	1,238
1/ Haiti does not have any MDRI eligible debt due to the IMF.
Source: World Bank and IMF.

Haiti: IMF obligations
			Projections
	2008	2009	2010	2011	2012	2013	2014
IMF credit outstanding (US$ mn)²	104.8	165.6	282.3	282.1	281.0	268.4	242.6
In % of quota	80.9	131.0	216.3	216.3	215.4	205.7	186.1

IMF Total obligations (US$ mn) 2/	0.30	0.41	0.05	0.05	1.61	13.33	25.97
o/w Principal	0.00	0.00	0.00	0.00	1.21	12.58	25.26
o/w Interest	0.30	0.41	0.05	0.05	0.40	0.74	0.71

In % exports G & S	0.0	0.0	0.0	0.0	0.2	1.6	3.0
In % of government revenues	0.0	0.1	0.0	0.0	0.2	1.6	2.8
In % of quota	0.2	0.3	0.0	0.0	1.2	10.2	19.9
2/ Includes augmentation of SDR 65.5 million; obligations based on existing and prospective credit.
Source: IMF