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IMF and World Bank Approve US$1.2 Billion Debt Relief for Haiti
Press Release No. 09/243
July 1, 2009
Haiti was granted US$1.2 billion of debt relief by reaching the completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative approved by the Boards of the International Development Association (IDA) and the International Monetary Fund (IMF). Haiti is now the 26th country to reach the completion point under the Initiative. Debt service savings result from the HIPC Initiative (US$265 million) and the Multilateral Debt Relief Initiative (MDRI) (US$972.7 million).
To reach the completion point, Haiti carried out a number of reforms despite a challenging environment marked by major natural disasters, a food and fuel crisis, difficult political conditions, and the impact of the global economic downturn. These reforms were aimed at establishing a more stable macroeconomic environment and at implementing its national poverty reduction strategy. Haiti strengthened public expenditure management by better focusing poverty reduction spending, producing audited government accounts, ensuring commitment to an asset declaration law, and adopting a law on public procurement.
Originally posted by CHA0S
then they get hit by a massive Earthquake...and we say..."Oh...to bad...if we lend you money you'll probably just end up right back where you started...so we just wont help you at all...we're to busy working on our own economy because we don't want to risk becoming like YOU"...
[edit on 21/1/10 by CHA0S]
Originally posted by SLAYER69
Obviously helping them out of this situation is priority one. I just wanted to point out the real possibility of mass corruption is valid.
Originally posted by LadySkadi
To give an idea of how much money we are talking about:
Relief Web Haiti
The first two PDF's on the list (especially A) are quite detailed.
Total Humanitarian Funding
A. List of all humanitarian pledges, commitments & contributions in 2010
B. Total Humanitarian Funding per Donor in 2010
Originally posted by plumranch
Haiti historically has a record of poor government, poor decisions and decisionmaking to the extent that is a shining example to the world of how not to manage your affairs.