News Archives » debt cancellation
Haiti : Vatican Radio Interview March 1st, 2010
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In an interview with Vatican Radio, Séamus Finn, OMI – Director of the US Oblate JPIC Office – talks about the situation in Haiti and re-development needs of the devastated country. The Oblates are the largest male religious congregation in the country. In the interview, he touches on important Haitian realities: the poverty, the stranglehold of Haiti’s debt and a process for re-building.
Call Congress today: Follow Haiti’s example and drop the debt February 19th, 2010
The most impoverished countries in the world still pay $100 million per day in debt service to the wealthiest countries. Because they can’t invest those resources in health, education, services, and infrastructure, they are more vulnerable to catastrophes like the one Haiti has suffered.
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World Bank Joins the IMF in Seeking Debt Reduction for Haiti January 21st, 2010
The World Bank announced today that it is taking steps to cancel Haitian debt owed to the institution. The institution announced a $100 million grant on January 13 in response to the earthquake. The Bank released this statement:
“Currently, Haiti’s debt to the World Bank, which is interest-free, is about $38 million—about 4% of Haiti’s total external debt. Due to the crisis caused by the earthquake, we are waiving any payments on this debt for the next five years and at the same time we are working to find a way forward to cancel the remaining debt.”
Paris Club creditors cancel 100% of Haïti’s debt July 10th, 2009
Representatives of the Paris Club creditor countries and of the Republic of Haiti agreed July 8th on debt cancellation. This flowed from Haiti’s finally having reached its Completion Point under the IMF and World Bank’s jointly sponsored Enhanced Initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 30 June 2009.
$1.2 Billion in Haitian Debt Cancellation: A Welcome Victory July 1st, 2009
Extended Campaign to Win Relief for Haiti Finally Pays Off
The Oblate JPIC Office joins other members of the Jubilee USA Network in welcoming the news that, at last, Haiti has reached “completion point” in the Heavily Indebted Poor Countries program.
This step means the cancellation of $1.2 billion in external debt owed by the impoverished island nation to bilateral and multilateral lenders including the IMF, World Bank, and US government. The Boards of the World Bank and IMF met on June 30 to formally approve Haiti’s debt stock cancellation under HIPC and the Multilateral Debt Relief Initiative.
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72 Members of Congress Urge World Bank to Cancel Haiti’s Debt February 27th, 2009
Debt Cancellation Will Help Haiti Avoid National Collapse, Give Fragile Democracy a Chance
A bipartisan group of 72 US Representatives called on World Bank President Robert Zoellick late yesterday to immediately suspend all scheduled debt repayments from Haiti and grant complete debt cancellation to the impoverished nation. Haiti currently sends $1.6 million to the World Bank every month while thousands of Haitians starve and the nation struggles to fill a severe budget gap that threatens the struggling democracy’s stability.
The letter to President Zoellick was circulated by US Representative Maxine Waters (D-CA) as well as Representatives Barney Frank (D-MA) and Spencer Bachus (R-AL), Chairman and Ranking Member of the House Financial Services Committee. The Representatives express deep concern about “the urgent humanitarian needs of the people of Haiti and the difficulties Haiti has faced in qualifying for the cancellation of its debts.” “We understand that Haiti is scheduled to send approximately $20 million to the World Bank in 2009,” the letter reads, “Clearly, this money would be better spent on basic infrastructure and poverty reduction for the Haitian people.” Signers include 72 US Representatives from across the political spectrum, including Representative Ileana Ros-Lehtinen (R-FL), Ranking Member of the House Foreign Affairs Committee and Donald Payne (D-NJ), Chairman of the House Subcommittee on Africa and Global Health, and House Foreign Affairs Committee Chairman Howard Berman (D-CA).
Download a PDF of the letter from Members of Congress to World Bank President Zoellick
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