IMF working with all parties to remove Haiti's external debt

09:45, January 21, 2010      

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The International Monetary Fund (IMF) is currently working with many parties for external debt relief for Haiti, including the organization's promise of an interest-free loan of 100 million U.S. dollars to Haiti announced after the earthquake. IMF chief Dominique Strauss-Kahn said this while talking about the issue of assistance to Haiti on January 2, 2009 during the Asian Financial Forum in Hong Kong, China.

According to the UN News Center website reports, Strauss-Kahn said after the earthquake in Haiti, the IMF hopes to provide funding to Haiti as soon as possible, while the loan approval process is much faster than grants, so the organization decided to first provide an interest-free loan of 100 million dollars in initial emergency funds to the Haitian government to support essential activities and finance urgent imports, and then try to converse loans into grants.

Strauss-Kahn said the IMF is currently working with many parties to strive to remove all of Haiti's external debt, if these efforts were successful, not only will the IMF loan become grants, Haiti's other debt will also be completely removed.

The IMF and the World Bank classify Haiti among "heavily indebted poor countries" that is eligible for debt forgiveness. Haiti was granted 1.2 billion dollars in debt relief in June, 2009 with the help of IMF and other financial organizations.

Over the past six months, the World Bank and the Inter-American Development Bank has removed 900 million U.S. dollars of Haiti's foreign debt. Other financial organizations are considering exemptions on more debt to Haiti.

By People's Daily Online
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