The International Monetary Fund has approved US$105 million for Haiti under the Food Shock Window of the Rapid Credit Facility to help the country address urgent balance of payment needs related to the global food crisis.
IMF Deputy Managing Director Antoinette Sayeh says the funds will also support those most affected by food price rises through feeding programmes as well as cash and in-kind transfers to vulnerable households, school fee waivers and other measures.
Steps are also being taken by the Haitian government to cushion the impact of the food price shocks on the population and to expand the social safety nets.
The Washington-based financial institution says Haiti has been hit hard by the global food price shock.
Record price inflation has worsened Haiti's fragility given the high pass through from global to domestic food prices and shortages in food supplies.
The IMF says with more than half the population already below the poverty line, Haiti faces a dire humanitarian crisis, with an expected financing gap in this financial year of at least US$105 million or 0.5 per cent of its gross domestic product, assuming import compression and pending additional external financing from development partners.
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