We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

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

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.

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.