Haiti debt will be wiped out by IMF


The International Monetary Fund has agreed to cancel Haiti's $268 million debt.

It has also agreed to lend a further $60 million to help the impoverished Caribbean nation recover from the devastating earthquake of six months ago.

The IMF has said both decisions are part of a strategy to help more than a million homeless people back into reconstructed dwellings.

The IMF has said it is concerned that Haiti's recovery is still fragile.

It believes the biggest contributor to economic growth should come from reconstruction work.

The new three-year loan from the IMF will also boost Haiti's international reserves.

The loan will remain interest-free until the end of 2011.

Source: Calcutta News.Net