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Thursday, 29 July 2010

IMF cancels Haiti debt

The International Monetary Fund (IMF) has approved the full cancellation of Haiti’s US$268 million debt to that institution. It has also approved a new three-year arrangement for that Caribbean country under the Extended Credit Facility (ECF) requested by the authorities to support the country’s reconstruction and growth programme.  Both decisions, announced yesterday, form part of a broad strategy to support Haiti’s longer term reconstruction plans, following the devastating earthquake of January 12th, 2010. The cancellation of existing debt was advocated by IMF Managing Director Dominique Strauss-Kahn in the days following the disaster as part of a concerted international effort to launch a “Marshall Plan” for the reconstruction of the country.  The new programme provides a strong and forward-looking framework to support economic stability and reconstruction in the country, and will also help catalyze donors’ contributions. “Donors must start delivering on their promises to Haiti quickly,” Strauss-Kahn said, “so reconstruction can be accelerated, living standards quickly improved, and social tensions soothed.”  At a high-level donors' conference in March, the international community pledged US$9.9 billion to Haiti’s reconstruction, of which US$5.3 billion is to be disbursed over the next 18 months.

Source: caribbean360.com