WASHINGTON, Nov 19 2016 – The Executive Board of the International Monetary Fund (IMF) on November 18, 2016 approved about US$42.1 million in financial assistance for the Republic of Haiti under the Rapid Credit Facility (RCF) to help the authorities meet urgent balance of payments needs arising from the effects of Hurricane Matthew. The funds will be made available immediately.
The strong category 4 hurricane hit the country in early October, killing more than 500 people, displacing more than 175,000 into temporary shelters, and putting over 1.4 million in immediate need of humanitarian assistance. It caused widespread destruction of buildings and infrastructure in the southwestern départements of Grand Anse, Sud and Nippes. Preliminary estimates put the total damage and loss at US$1.9 billion, about 23 percent of Haiti’s GDP.
“The severe impact from Hurricane Matthew has plunged the country into a new humanitarian crisis even as Haiti is still recovering from the devastating 2010 earthquake, the lingering impact of a prolonged drought, and a sharp decline in external assistance,” Mr. Tao Zhang, Deputy Managing Director and Acting Chair of the IMF’s Executive Board said.
“International relief efforts in response to the hurricane will help Haiti respond quickly to the crisis. IMF financing through the Rapid Credit Facility will help meet urgent foreign exchange needs and ease the pressure on the balance of payments.”
