Posted on 06/30/2009 11:20:50 PM PDT by Lorianne
PORT-AU-PRINCE, Haiti (AP) — Three international organizations canceled $1.2 billion of Haiti's debt Tuesday, freeing up millions of dollars each year for the deeply impoverished Caribbean nation that is beset by humanitarian crises.
The World Bank and the International Monetary Fund said their boards decided this week to forgive Haiti's obligations to the two organizations, a move that triggered previously announced debt relief from the Inter-American Development Bank.
The actions erased nearly two-thirds of Haiti's outstanding debt. As of April, Haiti owned more than $1.9 billion, according to the Washington-based Center for Economic and Policy Research.
"This is a pretty big victory, definitely. This is what we've been wanting," said Dan Beeton, an analyst with the center, said by phone from Washington. "It's a shame it had to take so long."
Until now, the desperately poor country, where more than 80 percent of its approximately 9 million people live on less than $2 a day, has been paying about $1.6 million each month to the World Bank, according to debt relief advocates at the Jubilee USA Network.
(Excerpt) Read more at google.com ...
For cryin out loud is there anywhere in the world we are not being forced to pay for???
Ummm. Wasn’t bill clinton just appointed u n special envoy to Haiti?
“Former U.S. President Bill Clinton said Monday that Haiti has the best chance in decades to escape poverty...”
Why, yes. He was. Imagine that!
the IRS sent me a letter. My acct put to many deductions down from 2 years ago. I wonder if they’ll forgive the $7,000 I owe them?
Just training these countries to run up more debt that they cannot repay, in the expectation that it will be “forgiven again.
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