PORT-AU-PRINCE, Haiti – HAITI has been given an additional $36.6 million from the International Monetary Fund (IMF) to assist in its recovery efforts from the global economic crisis and four storms that killed over 800 persons last summer.

According to Caribbean 360, Haiti has now been the recipient of $170.9M in funds from the global lending institution.

An IMF report indicates that the decision was taken after a fourth review of Haiti’s economic performance under its Poverty Reduction and Growth Facility. IMF Director Takatoshi Kato said Haitian authorities were to be commended “for maintaining macroeconomic stability and advancing with structural reforms during 2008, in spite of a succession of severe shocks to the economy”.

He however noted that further efforts to raise domestic revenue would be needed and the support of the international community would be crucial to this task.

“Haiti will continue to face difficult challenges in the period ahead. The political and social situation remains fragile, the impact of weather-related shocks lingers on and the global downturn is expected to negatively affect remittances and exports.

“The authorities’ impressive performance and firm commitment to the programme provide a strong basis for support from the IMF and the international community. Timely and adequate donor support will be crucial to preserve Haiti’s hard-won gains of recent years, implement its poverty reduction strategy and boost economic growth,” he said.

Kato also revealed that Haiti could qualify for debt relief by mid-2009 if it completes economic targets set under international agreements to cancel the debts of poor countries.