Haiti

Although there are challenges to the business climate, Haiti's legislation encourages foreign direct investment. Import and export policies are non-discriminatory and are not based upon nationality. Haitian and foreign investors have the same rights, privileges and equal protection under the 1987 investment code. The GOH has made some progress in recent years to improve the legal framework, create and strengthen core public institutions, and enhance economic governance. The central bank continued the monetary, fiscal, and foreign exchange policies initiated under the 2004-2006 interim Haitian government with the assistance of the International Monetary Fund (IMF) and the World Bank (WB) aimed at creating a stable macroeconomic environment. Such policies include reducing interest rates to facilitate access to credit and keeping the exchange rate stable. Political infighting and weak institutional capacity within the Haitian government and in the private sector, however, have reduced the impact of the Haitian government's initiatives and stalled much-needed efforts to modernize Haiti's commercial, investment, and tax laws. The WB, IMF and IDB also wrote off USD 788 million in debt as part of a broad strategy to support Haiti's long-term reconstruction plans after the 2010 earthquake. However, as a result of infrastructure rebuilding and social programs, Haiti acquired USD 1.6 billion in new foreign debt, with more than 75 percent of this owed to the Venezuelan government.