Debt Relief: What About Haiti?

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Gelin_

Debt Relief: What About Haiti?

Post by Gelin_ » Wed Jun 22, 2005 10:23 am

[quote]G8 agrees to $40B debt deal for poor countries / U.S. treasury chief: Plan ‘an achievement of historic proportions' </B>

LONDON - The world's richest countries agreed Saturday on a historic deal to write off more than $40 billion of debt owed by the poorest nations...

<I>...The deal will initially scrap $40 billion owed by 18 nations eligible for debt relief under the <U>Heavily Indebted Poor Countries Initiative</U>, including Benin, Bolivia, Burkina Faso, Ethiopia, Ghana, Guyana and Mali. The initiative was launched by the World Bank and IMF in 1996...</I>

Source: http://www.msnbc.msn.com/id/8181270/ [/quote]

Will the poorest country of the western hemisphere get a break also?

gelin

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Post by admin » Wed Jun 22, 2005 10:29 am

Supposedly, she does not yet owe enough.

Anacaona_

Haiti and the HIPC Debt Relief Initiative

Post by Anacaona_ » Wed Jun 22, 2005 10:41 am

http://lnweb18.worldbank.org/External/l ... enDocument
[quote]
Haiti and the Heavily Indebted Poor Countries Debt Relief Initiative

Haiti is one of the most densely populated and poorest countries in the Western Hemisphere. The country occupies one-third of the island of Hispaniola and is home to about 7.8 million people, of which some 80 percent live below the poverty line. With a GDP per capita of US$460 in 1999, its economic and social indicators compare unfavorably with those of many sub-Sahara African countries and are far lower than the average for Latin America and the Caribbean. Because of its high poverty rate, people often ask why Haiti is not eligible for the Heavily Indebted Poor Countries (HIPC) debt relief Initiative.

The Heavi
ly Indebted Poor Countries (HIPC) initiative was created in 1996 precisely to address the debt crisis in the world's most heavily indebted poor countries. The program was designed to help the neediest countries, those whose debt levels are unsustainable, meaning so high that paying their debt obligations makes it impossible for them to invest adequately in social programs. The goal of the HIPC initiative is to bring the debt burden down to sustainable levels and free up a country's resources for social spending, such as primary schools, basic health care and other programs aimed at reducing poverty.

HIPC was also designed to be applied only when other forms of international debt relief (such as what takes place in the organization called the Paris Club of bilateral official creditors) fail to help a country bring its debt down to a sustainable level. The HIPC Initiative will then cancel whatever amount of debt is necessary to do so—no matter how large an amount that may be (to date some US$50-60 bil
lion in debt will be cancelled for more than 32 countries).

The international community has agreed on three basic criteria for ensuring that the scarce resources available for HIPC debt relief are channeled to countries that need it most and are committed to applying the freed-up resources for poverty and social programs. These criteria call for the following:


The country must be poor---HIPCs are among the very poorest countries in the world;
The country must have unsustainable debt, generally measured as any amount higher than 150 percent of export revenue after receiving debt relief from traditional sources; and,
The country must demonstrate a commitment to poverty reduction and economic growth through sustained implementation of social and economic reform programs.

Despite being very poor and having a relatively significant external debt level, Haiti does not meet all the critieria for HIPC assistance. Current projections indicate that after taking advantage of other sources
of debt relief, Haiti's debt will be reduced to well below the 150 percent target mentioned above, thereby bringing it down to a sustainable level.

More importantly, Haiti needs to make significant strides in strengthening governance and instititutions, and show a commitment to reducing poverty. In the meantime, the international community has responded to Haiti's development needs with large grant assistance that will keep external debt at manageable levels over the coming years. [/quote]

Well this is what they have to say about Haiti.

Anacaona!

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Post by admin » Wed Jun 22, 2005 10:59 am

In other words...the plan is to shore up "Haiti's debt manageability" with a torrent of promises and a trickle of millions, enough to stave off a revolution of her haves-not, but not enough to jeopardize her coveted status as "the poorest country of the western hemisphere", awarded in leu of the uppity and worn out "Perle des Antilles".

Widy_

Post by Widy_ » Wed Jul 06, 2005 12:31 pm

Mwen menm te byen etone dè wè kè yo pa janm nonme non a ayiti nan pogram yo, alòs kè pou montre foto a moun nan mizè ou nèg ka touye nèg, la, yo paka loupe ayiti.

Sa ki ka sanm pli rèd la ankò, se kè kounyela, loni voye tout kalite nasyoun an ayiti pou sove swa dizan la pè ki fè kè nou te pe panse, kè yo teke bay oun biten konsayela, pou rede peyi tala a rileve tèt li, men o lie dè sa nap wè kè yo yenki zape ayiti.

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