Jubilee Debt Campaign Birmingham

Haiti Debt

Posted on: October 24, 2008

World Bank President Robert Zoellick warned Wednesday that Haiti is at a “tipping point” after a spate of destructive tropical storms, but offered no immediate debt relief for the chronically impoverished country.

Zoellick, ending a three-day visit, pledged long-term help to keep the desperately poor Caribbean nation from falling deeper into crisis but said the bank will not forgive its share of Haiti‘s US$1.7 billion in foreign debt for at least seven months.

Critics say forcing Haiti to keep making debt payments of more than US$1 million a week will hurt recovery efforts and further deplete meager resources in the Western Hemisphere‘s poorest country.

“It’s a humanitarian disaster down there. It’s kind of ridiculous that Haiti has to go through bureaucratic hoops,” said Dan Beeton of the Washington-based Center for Economic and Policy Research. “There’s no reason these institutions can’t just say, ‘OK, cancel it now.'”

Zoellick said Wednesday that Haiti is on track to have its World Bank debt canceled by mid-2009 once it has met qualifications such as addressing corruption and increasing public investment, but that debt cancellation is up to the bank’s shareholders.

Who is more deserving? We have bailed out the bankers but they will not help the people of Haiti?

Other bloggers writing about Haiti Debt include:

Shirley Pate from hcvanalaysis.

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2 Responses to "Haiti Debt"

For Christians see Matthew 18: 23 – 35

Bankers should know what they are talking about?
Especially if they are head of the World Bank you would think But

Now the lastest gaff is that Zoellick is reported to have told journalists in Port-au-Prince that Haiti’s $1.7 billion debt was “half-forgiven” and promised “the rest of the debt” could soon be cancelled. He was also reported to have stated that $500 million of Haitian debt had already been cancelled.

In fact, none of Haiti’s debt stock has yet been cancelled by the World Bank, and in recent weeks the World Bank has delayed debt cancellation for Haiti by six months.

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This is the blog of the local group of the UK campaign calling for cancellation of international Debt.

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