State of economic emergency in Haiti
During a cabinet meeting led by President Jovenel Moise at the national palace, the cabinet has adopted a resolution declaring a state of economic emergency. The meeting was broadcast live on Haiti’s national radio and television network.
This decision was made in order to help stabilize the haitian currency (the gourde) which has been losing value against the US dollar. Haiti depends heavily on importation which must be paid in american currency. The fall of the haitian gourde has forced a spike in the price products and food while the salaries remain the same.
According to Economist Patrick Alexis, a state of economic emergency will not work if not accompanied by measures to fix the chaos in the revenues and expenses of the government. “There are advantages and other favors afforded some businessmen which will have to be eliminated. In a state of economic emergency the government will have a window from 3 to 6 months to get its finances in order” concluded Mr. Alexis.