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Six months later, rubble and ruined buildings in Port-au-Prince.
Haiti

IMF cancels Haiti's debt

…and tacks on another $60 million loan.

THE IMF HAS cancelled Haiti’s debt, and says it will lend it another $60 million for restructuring. The earthquake-devastated nation had borrowed almost $268 million from the IMF.

The organisation said that the new loan is a three-year arrangement which had been requested by Haiti and should help stability in the country.

It stressed that donors who have pledged support for Haiti will follow through on their promises and make the necessary donations. The funds are needed to accelerate reconstruction and improve living standards on the island, the IMF said today.

It also released details for the loan, saying: “Financing under the ECF (Extended Credit Facility) carries a zero interest rate until end-2011 and thereafter zero to 0.5 percent, with a maturity of 10 years and a grace period of 5½ years.”

It’s been more than six months since the magnitude-7 earthquake struck, killing up to 330,000 people and leaving over a million people homeless. Many of those people are still living in makeshift tents, as the clean-up and reconstruction efforts have made little progress.

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