World Bank Waives Haiti Debt Payment For Five Years

01.22.10 | FL News Team

Haiti is getting a helping hand from two global monetary sources as it struggles to cope with being slammed by a deadly and destructive earthquake. The World Bank says it will waive payments on the country's 38-million-dollar debt for the next five years. Also the International Monetary Fund's proposed 100-million-dollar loan would be interest free until late 2011. The moves are expected to help free up more resources for Haiti as it seeks to pull itself out of the rubble and rebuild. IMF spokeswoman Caroline Atkinson says the proposed loan for Haiti will be taken up for approval on January 27th by its board which consists of the Fund's member countries. She added that when the damage from the quake is taken into consideration, donors may agree to another round of debt cancellation. The IMF and World Bank wrote off over a billion dollars of Haiti's debt last year.