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Posted: 7/21/2010 7:11:24 PM EDT
Washington (CNN) –– The executive board of the International Monetary Fund approved Wednesday the cancellation of Haiti's $268 million debt to the fund. The board also approved a three-year request by authorities to support Haiti's reconstruction and growth program. The decisions are part of an effort to support Haiti's longer-term reconstruction plans after the January 12 earthquake, which killed more than 220,000 people, destroyed 60 percent of government infrastructure and left more than 180,000 homes uninhabitable. Six months later, more than 1.5 million remain in overcrowded displacement camps. "The new program provides a strong and forward-looking framework to support economic stability and reconstruction in the country, and will also help catalyze donors' contributions," the IMF said in a posting on its website. The debt relief is expected to help Haiti meet balance-of-payments needs worsened by the earthquake. "Improving the business environment and fostering private credit and investment will be essential to support growth," said Charles Castel, governor of the Bank of the Republic of Haiti. "The fund's technical assistance will help rebuild economic institutions and build capacity." The earthquake resulted in losses estimated at 120 percent of 2009 GDP, the posting said. It struck at a time when the impoverished country's outlook was improving. Last year, Haiti's growth reached almost 3 percent, the second-fastest rate in the Western Hemisphere. Since the quake, a fragile recovery has been taking place. Agricultural production, construction and textile manufacturing are supporting economic activity, the posting said. And remittances, which grew by 12 percent between January and May of 2010 over the previous year, are supporting consumption and imports. Though the trade deficit is widening, exports are recovering, it said. GDP is projected to expand by 9 percent in fiscal year 2011-12, due mostly to reconstruction activity, and by 6 percent by 2015. Inflation is expected to reach 8.5 percent during the current fiscal year and to drop to 7 percent by 2013. In March, the international community pledged $9.9 billion to Haiti's reconstruction, of which $5.3 billion is to be disbursed over the coming 18 months. But last week, a CNN investigation found that most governments that had promised money to the special fund had not delivered the cash. Less than 2 percent of the $5.3 billion promised had been handed over to the Interim Haiti Recovery Commission. Only four countries had paid anything at all to the commission: Brazil, Norway, Estonia and Australia. The United States has pledged $1.15 billion but had paid nothing, with the money tied up in the congressional appropriations process. Venezuela has promised even more –– $1.32 billion. It too had paid nothing, though it had written off some of Haiti's debt. Still, many governments and aid agencies have given money to Haiti through means other than the Interim Haiti Recovery Commission. For example, the U.S. State Department said it has given about $675 million through the U.S. Agency for International Development. Altogether, about $506 million had been disbursed to Haiti since the donors' conference in March, said Jehane Sedky of the U.N. Development Program. CNN compiled the information by reviewing commission figures and surveying the donors that had made pledges. No countries told CNN they do not plan to deliver the money eventually. The pledges are for fiscal year 2010-2011, so the donors have until the middle of next year to get the funds to the Haiti recovery commission, Sedky said. Like they really expected them to pay it back....  |
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Posted: 7/21/2010 8:08:29 PM EDT
[#1]
The IMF is one of the biggest scams going. Every few years they come back and ask congress (the taxpayers) for twice as much as before to "lend" the money to third world deadbeats (who in the past have skimmed off part of the loans into the pockets of their country's bureaucratic elite ––> this is how they afford Mercedes on $12000 salaries).
So they forgave Haiti's debts... and then... wait for it... lent some them some more! This is what all the radicals and left wingers have wanted done for Africa for years (it's unfair for the Africans to slave under the yoke of these IMF loans they say). So they can finally be debt free? Hello no, so they can tax us and give them even more "loans"!! |
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Posted: 7/22/2010 3:55:26 AM EDT
[#2]
Awwwwwww Fuck Haiti! How much money has been poured into the cess pool over the years and what's the result? An entitlement "Give us more money world, you owe us!" cess pool.
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Posted: 7/22/2010 3:56:46 AM EDT
[#3]
Quoted: Awwwwwww Fuck Haiti! How much money has been poured into the cess pool over the years and what's the result? An entitlement "Give us more money world, you owe us!" cess pool. Well... Currently they are standing around and looking at the rubble. And... Everyone still lives in parking lots. Money well spent, I must say! |
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Posted: 7/22/2010 4:24:01 AM EDT
[#4]
Quoted:
Quoted:
Awwwwwww Fuck Haiti! How much money has been poured into the cess pool over the years and what's the result? An entitlement "Give us more money world, you owe us!" cess pool. Well... Currently they are standing around and looking at the rubble. And... Everyone still lives in parking lots. Money well spent, I must say! And it will end up being siphoned off by the Goverment for their uses after rebuilding some crap substandard (even by 3rd world cess pool standards) housing. Poor Haiti yeah they oughta hang the goverment, thats screwing them, we oughta hang the goverment thats screwing them, but naw we'll throw money at em. |
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