(25 January 2010 – Global) Due to the devastation caused by the earthquake in Haiti, the World Bank is waiving the nation’s debt repayments for the next five years and is determining whether on not to completely cancel the nations remaining debt balance.Haiti’s debt to the World Bank, which is interest free, is around US$38 million (A$41 million) but only amounts to around four percent of the nation’s total external debt.
The World Bank has said that due to the crisis caused by the earthquake, the World Bank is waving payments on the debt for the next five years and the bank is continuing to work on a solution to cancel the remaining debt.
The World Bank also said last week that it planned to provide an additional US$100 million in emergency aid to the devastated nation.