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I believe that it is a good news for Haiti, but we have to do our best for not having a big debt like that in the future.
Pere Ajax
> CC: Maria.Arroyo@...; Lionel.Derenoncourt@...; Ruth.Farrell@...
> To: hscenews@yahoogroups.com; phphae@yahoogroups.com
> From: pix@...
> Date: Wed, 1 Jul 2009 08:01:45 -0400
> Subject: [hscenews] debts canceled for Haiti
>
> $1.2 billion in debts canceled to help Haiti
> By JONATHAN M. KATZ – 10 hours ago
>
> 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.
> A significant portion of the debt forgiven Tuesday dates back to
> loans that lined the pockets of Haiti's dictators, especially
> Francois "Papa Doc" and Jean-Claude "Baby Doc" Duvalier, whose father-
> son dynasty ended in a 1986 popular rebellion.
> Haiti was added to the World Bank and IMF's debt cancellation program
> for heavily indebted poor countries in 2006. The Inter-American
> Development Bank previously approved debt relief for Haiti, pending
> its completion of that program.
> But it took several years for Haiti to implement reforms that
> included auditing government accounts, adopting a law on public
> procurement and strengthening tax and customs administration, as well
> as debt reporting. Other steps included approving an AIDS prevention
> and treatment plan, financing school tuition for children and
> improving immunization rates.
> That was accomplished in spite of years of turmoil, including last
> year's food riots that toppled the prime minister and four tropical
> storms that killed some 800 people and caused more than $1 billion in
> damage.
> Finance Minister Daniel Dorsainvil praised the announcement in a
> statement issued through the World Bank, saying the millions freed up
> from debt payments "will help us invest in growth and poverty
> reduction programs."
> Others were skeptical about the benefits of the move. Haitian
> economist Kesner Pharel said debt forgiveness will make it far more
> difficult for Haiti to get new loans, impeding the government's
> ability to finance much-needed improvements in infrastructure and
> other areas.
> "I don't see the government for the next five to 10 years having a
> lot of money. It's a bad idea. It's a cost, not a benefit," Pharel said.
> Haiti is the 26th country to have its debt forgiven under the
> initiative, a list that includes Rwanda, Sierra Leone, Honduras and
> Bolivia.
> Associated Press writer Jennifer Kay in Miami contributed to this
> report.
> Copyright © 2009 The Associated Press. All rights reserved.
>
> ------------------------------------
>
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I believe that it is a good news for Haiti, but we have to do our best for not having a big debt like that in the future.
Pere Ajax
> CC: Maria.Arroyo@...; Lionel.Derenoncourt@...; Ruth.Farrell@...
> To: hscenews@yahoogroups.com; phphae@yahoogroups.com
> From: pix@...
> Date: Wed, 1 Jul 2009 08:01:45 -0400
> Subject: [hscenews] debts canceled for Haiti
>
> $1.2 billion in debts canceled to help Haiti
> By JONATHAN M. KATZ – 10 hours ago
>
> 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.
> A significant portion of the debt forgiven Tuesday dates back to
> loans that lined the pockets of Haiti's dictators, especially
> Francois "Papa Doc" and Jean-Claude "Baby Doc" Duvalier, whose father-
> son dynasty ended in a 1986 popular rebellion.
> Haiti was added to the World Bank and IMF's debt cancellation program
> for heavily indebted poor countries in 2006. The Inter-American
> Development Bank previously approved debt relief for Haiti, pending
> its completion of that program.
> But it took several years for Haiti to implement reforms that
> included auditing government accounts, adopting a law on public
> procurement and strengthening tax and customs administration, as well
> as debt reporting. Other steps included approving an AIDS prevention
> and treatment plan, financing school tuition for children and
> improving immunization rates.
> That was accomplished in spite of years of turmoil, including last
> year's food riots that toppled the prime minister and four tropical
> storms that killed some 800 people and caused more than $1 billion in
> damage.
> Finance Minister Daniel Dorsainvil praised the announcement in a
> statement issued through the World Bank, saying the millions freed up
> from debt payments "will help us invest in growth and poverty
> reduction programs."
> Others were skeptical about the benefits of the move. Haitian
> economist Kesner Pharel said debt forgiveness will make it far more
> difficult for Haiti to get new loans, impeding the government's
> ability to finance much-needed improvements in infrastructure and
> other areas.
> "I don't see the government for the next five to 10 years having a
> lot of money. It's a bad idea. It's a cost, not a benefit," Pharel said.
> Haiti is the 26th country to have its debt forgiven under the
> initiative, a list that includes Rwanda, Sierra Leone, Honduras and
> Bolivia.
> Associated Press writer Jennifer Kay in Miami contributed to this
> report.
> Copyright © 2009 The Associated Press. All rights reserved.
>
> ------------------------------------
>
> Yahoo! Groups Links
>
> <*> To visit your group on the web, go to:
> http://groups.yahoo.com/group/hscenews/
>
> <*> Your email settings:
> Individual Email | Traditional
>
> <*> To change settings online go to:
> http://groups.yahoo.com/group/hscenews/join
> (Yahoo! ID required)
>
> <*> To change settings via email:
> mailto:hscenews-digest@yahoogroups.com
> mailto:hscenews-fullfeatured@yahoogroups.com
>
> <*> To unsubscribe from this group, send an email to:
> hscenews-unsubscribe@yahoogroups.com
>
> <*> Your use of Yahoo! Groups is subject to:
> http://docs.yahoo.com/info/terms/
>
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