WASHINGTON, DC, United States (CMC) — International Monetary Fund (IMF) says it has approved an extension of the staff-monitored programme (SMP) with Haiti until September 30.

The Washington-based financial institution said that building on progress achieved under the previous SMP, which ended in May 2023, management had approved a new SMP in June 2023, originally for a nine-month period spanning from June 30 2023 through March 31, 2024, which now has been extended through September 2024.

It said in the original letter of intent (LOI) in June 2023 that the authorities had already envisaged the possibility of requesting an extension, if circumstances required, to allow for the establishment of a solid track record of policy implementation.

“This current SMP focuses on strengthening governance, fighting corruption, enhancing transparency and accountability in the use of public spending — including through data transparency — to help ensure public funds are used appropriately, all to support the authorities’ efforts to raise inclusive growth.

“As a result of the extension, new quantitative targets and additional structural conditionality were added and will be monitored through a third review — in addition to first and second reviews already envisaged — with test date at the end of June 2024. These modifications are essential to continue to deliver on the aforementioned SMP objectives.”

IMF said the new additional benchmarks entail the publication of the IMF governance diagnostics report and an associated action plan agreed on by the authorities; and the provision of more granular monetary data including detailed information on government deposits at the central bank.

It also allows for the publication of core macroeconomic and financial indicators according to timeliness and periodicity of the Enhanced General Data Dissemination System (e-GDDS); and the publication of the upcoming annual audit of the central bank for the financial year 2023, undertook (as usual practice) by an independent international audit firm.

IMF said approval had been given for the modification of quantitative targets from December 2023. The modification was warranted given the deterioration of the outlook relative to June 2023.

“The authorities had agreed to start holding the 2024 Article IV consultation discussions remotely in February 2024, which are currently ongoing.

“An updated Country Engagement Strategy will be prepared in that context, including to enhance collaboration with development partners in line with the Fund Strategy for Fragile and Conflict-Affected States, particularly given the critical role of development partners on capacity development and financing,” IMF added.