World Bank Cancels Haiti’s $36 Million Debt


Haiti will no longer have to pay an estimated $36 million owed to The World Bank, an international financial institution used to by countries to loan money to other nations.

World Bank made the announcement Friday saying that the country could use the money for reconstruction efforts after January’s earthquake.

Haiti’s debit was owed to the bank through its International Development Association, a program for its poorest borrowers.

World Bank made the decision to cancel Haiti’s debt after receiving requests from Belgium, Canada, Finland, Germany, Ireland, Norway, Spain, Sweden Italy, Japan, the Netherlands, Switzerland and France.

President of the World Bank Robert Zoellick released a statement on his institution’s decision saying,

“Relieving Haiti’s remaining debt is part of our effort to pursue every avenue to help Haiti’s reconstruction efforts.”

How convenient that it takes a natural disaster to alleviate the country’s debt that was undoubtedly oppressing it for years.

As previously reported, Haiti’s been restricted financially for hundreds of years, dating back to when it was determined that it should pay France $21 billion for the loss of its slaves from the Toussaint L’Ouverture revolt.

Check out more of our coverage on injustices to Haiti here.

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