IMF Approves $41.6Mln in Financial Assistance for Haiti

IMF said that Haiti will be extended a line of credit of more than $41 million to help the nation deal with financial pressures.

WASHINGTON (Sputnik) — Haiti will be extended a line of credit of more than $41 million to help the nation deal with financial pressures in the aftermath of Hurricane Matthew, the International Monetary Fund (IMF) said in a press release.

"The Executive Board of the International Monetary Fund (IMF) on November 18, 2016 approved SDR 30.7125 million [$4.16 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 release stated on Friday.

Emergency relief and reconstruction costs will significantly raise the overall fiscal deficit and external current account deficit over the next few years, the release added.

The category 4 Hurricane Matthew hit the country in early October, killing more than 500 people, displacing more than 175,000 into temporary shelters, and putting more than 1.4 million in immediate need of humanitarian assistance.