World Bank cancels debt
(31 May 2010 – Global) The World Bank has announced the abolishment of Haiti’s, the poorest country in the Western Hemisphere, US$36 million debt owed to the International Development Association (IDA).
The country was struggling with its debt prior to being struck by at massive earthquake in January this year; after the disaster the organisation suspended repayments seeking to eventually find away to cancel the debt.
Haiti now has no further amounts payable to the World Bank, the 186 nation bank said in an statement.
Contributions from 13 member nations: Belgium, Canada, Finland, France, Germany, Ireland, Italy, Japan, The Netherlands, Norway, Spain, Sweden, and Switzerland, made the cancelation of the impoverished country possible.
Relieving Haiti's remaining debt is part of the effort to pursue every avenue to help Haiti's reconstruction efforts, Robert Zoellick, president of the World Bank, said in the statement.
World Bank will continue to work in close cooperation with the Haitian government and the organisation’s international partners to support the country's recovery and longer-term development, Mr Zoellick added.
The World Bank noted it has made available 479 million dollars in grants to support Haiti's post-quake recovery and development through June 2011 and is also the trustee of the multi-donor Haiti Reconstruction Fund.
Haiti now has no further amounts payable to the World Bank, the 186 nation bank said in an statement.
Contributions from 13 member nations: Belgium, Canada, Finland, France, Germany, Ireland, Italy, Japan, The Netherlands, Norway, Spain, Sweden, and Switzerland, made the cancelation of the impoverished country possible.
Relieving Haiti's remaining debt is part of the effort to pursue every avenue to help Haiti's reconstruction efforts, Robert Zoellick, president of the World Bank, said in the statement.
World Bank will continue to work in close cooperation with the Haitian government and the organisation’s international partners to support the country's recovery and longer-term development, Mr Zoellick added.
The World Bank noted it has made available 479 million dollars in grants to support Haiti's post-quake recovery and development through June 2011 and is also the trustee of the multi-donor Haiti Reconstruction Fund.
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