News Archives » debt cancellation
Act Now for Responsible Finance and Debt Cancellation July 23rd, 2010
Please take action to press for responsible lending and desperately needed debt cancellation for poor countries – Click here for our Action Alert.
This Alert also includes an action to Make Mercury Pollution a Thing of the Past.
Canada Holds Up Congo’s Debt Cancellation July 1st, 2010
The World Bank announced yesterday that it was postponing the Democratic Republic of Congo’s long-awaited debt cancellation, even though the country has qualified. The postponement has come about at the request of Canada, because Canadian mineral firm First Quantum is in dispute with the government of DRC over mineral rights.
The DRC has been waiting for debt relief for 7 years, while the IMF and World Bank have satisfied themselves that the country has met numerous economic conditions. Politics has come into play before – last year the IMF held up DRC’s progress through the debt relief scheme because the country was proposing to take loans from China. Congo and China agreed to reduce the amount and terms of the loans late last year.
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Haiti : Vatican Radio Interview March 1st, 2010
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.
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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.
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.