BRH Governor Ronald Gabriel presented strategies and perspectives to strengthen the resilience of the financial sector despite insecurity.
Port-au-Prince, Haiti – As part of its efforts to support Haiti’s economic development, the Inter-American Development Bank (IDB) hosted “Wednesday of Reflection” on June 26, 2024. This major event brought together experts, government and financial sector representatives to discuss strategies and perspectives to strengthen the resilience of Haiti’s financial sector in the face of insecurity.
The Governor of the Bank of the Republic of Haiti (BRH), Ronald Gabriel, accompanied by Ludmilla B. Allien, Director of the Currency and Economic Analysis Department, presented key strategies to strengthen the resilience of the financial sector despite the security challenges facing the country.
“The country is facing an unprecedented crisis, all sectors are affected by the deterioration of security conditions, and the financial sector is not spared, whether commercial banks, microfinance institutions or companies. financing. Loss of physical infrastructure through theft, looting or fires, increase in unproductive workers, Loss of experienced executives, The system is under the stress of the economic recession and the impacts of an adverse environment,” indicated the governor.
Mr. Gabriel highlighted the strength and performance of the Haitian financial system, highlighting its growth potential and its crucial role in the country’s economic development. He also stressed the importance of coherent public policies and improved security conditions to achieve economic stability and encourage growth.
” The central bank conducted a review of bank credit for the year 2023 and shared with the public information relating to the implications of internal shocks on the financing of the economy whose growth in 2024, projected at -3.5%, already announces a sixth consecutive year of recession, in a context where the gap between the demographic profile and the profile of real GDP is trending and has taken on a growing character over the last six years, hence the risks of increasing precariousness for a majority of the population,” he explained.
For her part, Ludmilla B. Allien developed the theme “Credit to the private sector and prospects for 2025”. It highlighted the current constraints facing the private sector in terms of access to credit, while proposing concrete avenues to boost private credit and revive the economy. This discussion highlighted the need to facilitate access to credit for Haitian businesses, in order to stimulate economic growth and create employment opportunities.
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