Financial Crisis in Haiti

Dear Friends,

This is a note to alert you that Haiti is confronting and abrupt loss of value on the US dollar.

You will see in the chart below the dollar value decrease during this month of September 2020, especially between September 8 and24.

This means our dollars can do only 60% of what they used to be able to do. This is the case because there are no costs, services or products in Haiti that have been adjusted to this devaluation of the US dollar.

For example, the dollar equivalent of medicines we bought in August for the St Luke Hospital and remote clinics for September and October (bills which are due now), has increased by 40%.

Practically speaking, we owed (and can finally pay) US $56,000 for these medicines. But with the new exchange rate we suddenly need US $ 86,000 for these same items.

When you multiply this out in every direction (payroll, food, burial of the destitute dead, special surgeries, dialysis for renal failure, etc.) you can see this is for us a financial tidal wave.

We will keep you posted related to drastic changes in our work required by this crisis.

As always, we appreciate your financial support and your prayers.

Fr Rick Frechette CP,DO
Port au Prince

Sept 28, 2020