The note from the Bank of the Republic of Haiti (BRH) on Monetary Policy in the 1st quarter of fiscal year 2020 (October-December 2019) indicates "[...]

The slight quarterly increase in government revenues, however, could not compensate for the increase in government spending and consequently, a deterioration in the government's overall net position vis-à-vis the BRH was recorded, materialized by a level of monetary financing of 15.8 billion at December 31, 2019 compared to 5.3 billion in the previous quarter [...] In terms of assets on the Central Bank’s balance sheet, net claims on the State increased by 22.19% as of December 31, 2019, compared to 8.18% in the previous quarter [...]"

Download the complete BRH Note (French PDF) : https://www.haitilibre.com/docs/note_polmon1t20.pdf

Joseph Jouthe the Minister ai of the Economy and Finance affirms that contrary to what the BRH says "There are not 15 billion Gourdes of monetary financing" affirming to have "acted within the framework of the economic governance pact" and according to him to be at 9.6 billion Gourdes specifying that due to the subsidy of petroleum products he had to borrow an additional 5 billion from the BRH which he must reimburse in the coming days, to pay the State suppliers.

Whatever the Minister of Finance's desire (monetary financing, governance pact, loan, etc...) to minimize the size of the deficit in the first quarter, and whatever the accounting language used by the BRH, the fact remains that the Central Bank financed the Public Treasury to the tune of 15.8 billion Gourdes to cover the expenses of the first fiscal quarter of the Government due to a deficit in revenue.

Let's remind our readers that the economic and financial governance pact signed between the BRH and the Ministry of Finance in November 2019 https://www.haitilibre.com/en/news-29375-haiti-flash-the-state-signs-an-economic-governance-pact-with-the-brh.html aiming to maintain the balance between the expenses and the available resources and reduce the increase in the financing needs of the State

See also :

https://www.haitilibre.com/en/news-29948-haiti-economy-the-deficit-explodes-in-the-1st-fiscal-quarter-and-exceeds-15-billion.html

https://www.haitilibre.com/en/news-29375-haiti-flash-the-state-signs-an-economic-governance-pact-with-the-brh.html

SL/ HaitiLibre