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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.”
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