Obama pledges 20 million for debt repayment for Haiti

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Obama pledges 20 million for debt repayment for Haiti

Post by Barb » Wed Apr 15, 2009 5:32 pm

Jubilee USA Welcomes Obama Administration Pledge to Relieve Haiti’s Debt

Debt Relief to Support Haiti’s Fragile Democracy in Advance of Critical Senate Election

CONTACT: Kristin Sundell, Jubilee USA, 202-783-0215 direct; 443-845-4461 cell
Brian Concannon Jr, Institute for Justice & Democracy in Haiti, 541-432-0597

Washington DC – Jubilee USA Network today enthusiastically welcomed yesterday’s announcement by Secretary of State Hillary Clinton that the US would pledge $20 million to cover Haiti’s 2009 debt payments to its multilateral creditors as part of an over $50 million aid package to the country.

Haiti is currently sending $1.6 million to the World Bank every month while thousands of Haitians starve and funding shortages threaten the nation’s stability.

“Today’s announcement is a victory for the people of Haiti. The US pledge to cover Haiti’s debt service obligations will free $20 million for basic infrastructure, healthcare, and education and will help Haiti to recover from last year’s devastating storms. We are especially grateful for the leadership shown by the Treasury and State Departments in achieving this commitment.” said Kristin Sundell, Deputy Director of the Jubilee USA Network, a coalition of faith-based, development, human rights and community organizations working for debt relief for impoverished countries.

“This is change that Haitians can believe in,” said Brian Concannon Jr., Director of the Institute for Justice & Democracy in Haiti. “It provides much-needed tangible support while righting a historical wrong by removing the burden of Haiti’s unjust and unbearable multilateral debt.”

In February, a bipartisan group of 72 US Representatives called on World Bank President Robert Zoellick to immediately suspend all scheduled debt repayments from Haiti and grant complete debt cancellation to the impoverished nation. The letter was circulated by Representative Maxine Waters (D-CA).

Haiti is projected to complete the IMF’s Heavily Indebted Poor Country (HIPC) Initiative by July. Completion of the program will result in the permanent cancellation of a substantial portion of Haiti’s debt to the United States, World Bank, and Inter-American Development Bank. Haiti was improperly left out of the original HIPC for political reasons. The country was accepted into the program in 2006, but its efforts to catch up have been hindered by economic policy conditions imposed by the IMF and a string of natural disasters, economic shocks and political unrest.

Earlier this month Haitian President René Préval appealed to Secretary of State Clinton for immediate financial assistance, describing a $100 million budget gap that he said could throw Haiti into anarchy.

The US pledge of $20 million in debt relief is a substantial step toward filling the budget gap, but the date by which Haiti is projected to complete the HIPC program and receive permanent debt cancellation has already been pushed back a number of times by the IMF. Haiti’s debt must still be cancelled outright without further delays.

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Post by Barb » Wed Apr 15, 2009 5:34 pm

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Post by Leoneljb » Sun Apr 19, 2009 5:52 am

Yeah! But they need to monitor how money is given. For, it seems that almost all our govt members are only best at robbing the Country blind.
I heard that so many People or Friends have being borrowing money from ONA (pension) which they will not pay back... From Preval's sister to his Friends (Preval).
Ayisyen konprann byen leta, se bagay manman yo ak papa yo te kite pou yo. Yo foure men yo jan yo pito nan kEs leta'a.
About 205 years of independence (SO-CALLED), ti nEg vle manje pou vant li tElman plen, li gonfle. Li pa gen pwoblEm si l'ap viv nan vomisman ak kakarEl (excuse my french). Se youn mantalite ki prEske jeneral!
VOlE peyi'a, epi tann Mister Blan pou voye de twa ti zo poul pou nou anba tab...Ki mele'n ak peyi depi nou gen de twa GrimEl ak ronm babankou, nou mEt woule nan labou kwabosal. Ala kot peyi bay san wont ak zenglendo abiye!

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