Policy-Based Grant for Haiti

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July 22, 2009 No. 19/09 - BD NEWS RELEASE CDB TO PROVIDE $10 MILLION POLICY-BASED GRANT TO HAITI The Caribbean Development Bank (CDB) is to provide a policy-based grant equivalent to USD 10 million to the Government of Haiti. CDB's Board of Directors approved the financing during a meeting at the Bank's Headquarters in Barbados. This grant is part of a broader programme of support by other multilateral financing institutions that seeks to enhance fiscal and debt management in Haiti through a series of technical assistance projects. The International Monetary Fund, the World Bank and the Inter-American Development Bank are the other institutions involved. CDB's role is to provide budgetary assistance in support of the need to maintain short-run budgetary macroeconomic stability, contributing to the efforts of the other donors to assist the Haitian government in attaining its longer term fiscal and debt objectives. The technical assistance projects being assisted by the donor institutions are aimed at enhancing revenue through institutional strengthening of the key revenue collection agencies; better expenditure targeting to ensure greater poverty reduction effectiveness; better budgeting management controls and oversight; improved debt management; and greater transparency to reduce corruption. This support will enable the Government to continue providing basic services, implement critical infrastructure agreed to with international development partners and post-hurricane infrastructure rehabilitation and recovery.

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