IMF confirms Haiti met end-2025 targets amid security and economic challenges

The International Monetary Fund has reported that Haiti successfully met all targets under its current Staff-Monitored Programme (SMP) as of December 2025. The achievements include international reserve accumulation, primary balance, revenue collection, monetary financing, and social spending, despite persistent security challenges, institutional constraints, and political uncertainty.

In a statement following an eight-day virtual mission led by Camilo E. Tovar, the Washington-based lender noted that reform implementation has advanced, though some areas experienced delays due to the country’s fragile environment. “Persistent insecurity, political fragility, and the recent increase in international oil prices are compounding Haiti’s dire humanitarian and economic situation,” the IMF said, encouraging authorities to use accumulated buffers to preserve macroeconomic stability and protect vulnerable populations.

Haitian authorities have reaffirmed their commitment to the SMP and requested an extension until June 19, 2027. The programme is tailored to Haiti’s context of acute security and institutional fragility, supporting economic policy priorities such as stabilizing the economy, strengthening governance, and reinforcing the social safety net.

According to Tovar, Haiti’s economy contracted for the seventh consecutive year in 2025, with inflation easing to 22.1 percent year-on-year after peaking at about 32 percent. Financial intermediation continued to contract amid weak economic activity, though non-performing loan ratios improved, and capital adequacy ratios remain above regulatory minimums. International reserves are projected to reach around US$3.4 billion by the end of FY2026, providing over seven months of import coverage.

The IMF warned that risks remain skewed to the downside, including potential worsening of security conditions, sustained high oil prices, and shifts in foreign immigration policies that could slow remittance inflows. On the positive side, the deployment of the Gang Suppression Force, supported by the United Nations Support Office for Haiti, could help restore confidence and stimulate economic activity.

The report also highlighted ongoing governance and public financial management reforms. These include strengthening anti-corruption measures, improving tax and customs administration, operationalizing the new tax code, enhancing social spending execution, and consolidating the Bank of the Republic of Haiti’s policy framework.

“These reforms are critical to ensure timely and effective delivery of public assistance, improve spending efficiency, safeguard support to vulnerable households, and reinforce the resilience of the banking system amid a challenging operating environment,” Tovar said.