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IMF cancels Haiti's debt, extends loans

Business Materials 22 July 2010 06:56 (UTC +04:00)

The International Monetary Fund on Wednesday cancelled Haiti's debt and extended new loans as part of steps to aid its recovery from a massive earthquake earlier this year, dpa reported.

The IMF's Executive Board backed the cancellation of 268 million dollars in debt and offered a 60-million-dollar loan programme over the next three years to boost Haiti's international reserves and help avoid massive currency fluctuations.

More than 220,000 people died when a 7.0-magnitude earthquake struck Haiti in January. The international community in March pledged nearly 10 billion dollars towards a long-term reconstruction of the impoverished Caribbean nation.

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