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More money for Haiti to boost revenues

Posted by CaribShout on August 31, 2009 at 5:30pm

The IDB, the leading multilateral source of grants for Haiti, said it may follow this operation next year with a US$30 million policy-based grant. WASHINGTON, United States, August 31, 2009 - The Inter-American Development Bank (IDB) has approved a US$25 million policy-based grant to Haiti that will allow the government to boost much-needed revenue. The IDB said the funds it was providing would specifically support the government's reforms to increase tax and customs revenues, improve the efficiency of public spending and strengthen the management of public debt. The assistance will also contribute to Haiti's efforts to reinforce its Public Works Ministry's capacity to plan, develop and maintain the national road network as well as to the government's efforts to increase the efficiency of the state-owned utility company, Electricité d'Haiti. In connection with this new operation, the Caribbean Development Bank recently approved a US$10 million policy-based grant to provide Haiti additional budgetary support. The IDB, the leading multilateral source of grants for Haiti, said it may follow this operation next year with a US$30 million policy-based grant. Earlier this year, it approved a US$20.5 million grant for a programme to rebuild and repair schools damaged by hurricanes. In addition, the IDB is taking part in a multilateral debt relief initiative that enables Haiti to free up to US$50 million annually for investments in poverty reduction programmes.

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