The International Monetary Fund (IMF) has approved the first review of Haiti’s Staff-Monitored Program (SMP), signaling cautious progress in the country’s efforts to stabilize its fragile economy amid ongoing security and governance challenges.
In a statement released on May 1, IMF management confirmed approval of the review on April 15. The SMP—an informal arrangement between IMF staff and Haitian authorities—does not involve the IMF Executive Board and does not provide financial assistance, but serves as a tool to help countries build a track record for potential future funding.
The IMF noted that despite Haiti’s multidimensional crisis and uncertain outlook, the government has remained committed to reforms under the SMP. The program is designed to support Haiti’s economic policy goals, improve macroeconomic stability, and lay the groundwork for future financial support from the IMF under the Upper Credit Tranche (UCT).
“All quantitative targets were met with a comfortable margin,” the IMF said, adding that six out of seven structural benchmarks were implemented, with the remaining benchmark expected to be met by June—delayed due to insecurity-related constraints.
Haiti’s economic outlook remains bleak, with worsening insecurity continuing to stifle growth and fuel inflation. The IMF emphasized that restoring security is essential for sustained economic activity, reform implementation, and attracting foreign investment.
Despite the pressures of political instability and external shocks, both the Ministry of Finance and the Bank of the Republic of Haiti (BRH) have stayed actively engaged. Net international reserves stood at over US$1.1 billion at the end of December 2024, and monetary financing of the fiscal deficit has been held at zero—an achievement praised by the IMF.
The Fund welcomed the publication of Haiti’s Governance Diagnostic Report, which it described as a roadmap for future reforms. Governance improvements, the IMF stressed, are vital for building trust with the private sector and international donors.
“Restarting revenue mobilization, strengthening the social safety net, and ensuring transparent use of resources are top priorities,” the IMF stated. It also urged the timely audit and publication of the BRH’s FY2023 financial statements by August 2025 to reinforce transparency.
The IMF called for sustained international support in the form of grants, warning against non-concessional borrowing that could undermine debt sustainability. Coordination with development partners—particularly on governance and capacity development—will continue under the Fund’s Fragile and Conflict-Affected States strategy.
The next steps for Haiti include maintaining policy discipline under the SMP, securing concessional external support, and continuing to strengthen institutional capacity to address the country’s deep-rooted vulnerabilities.
 has approved the first review of Haiti’s Staff-Monitored Program (SMP).){kind=link}