IMF puts on hold $229 million loan to Haiti

WASHINGTON – The International Monetary Fund will reassess the measures needed to stabilize Haiti’s economy before proposing to its executive board a three-year loan of $229 million.

IMF spokesman Gerry Rice says the reassessment is needed because of “changes in the Haiti economic situation” since the loan was approved in March at staff level.

Haiti’s GDP growth in 2018 was 1.5%, or less than half what the government expected. Economists say this year will likely see a similar performance. Annual inflation is estimated at 17%.

Protesters denouncing corruption in recent days have been demanding the removal of Haitian President Jovenel Moise. A Senate investigation recently determined at least 14 former government officials allegedly misused $3.8 billion under the administration of former President Michel Martelly.