3 February, 2010International Metalworkers' Federation affiliates make donations to the recovery effort in Haiti as calls for debt relief intensify.
HAITI: In the wake of the earthquake that flattened Port-au-Prince on January 12, 2010 and killed up to 200,000 people, injured some 250,000 and made 1.5 million homeless there is a growing movement to forgive Haiti's US$1 billion in outstanding debt.
Haiti's development has been crippled by a painful history with debt. As a result of the less-than-certain commitments by International Financial Institutions and some donor countries to cancel all of Haiti's outstanding debt, several organizations have launched appeals to obtain a rapid write-off of Haiti's remaining debt and ensure that aid is in the form of grants not loans.
The International Monetary Fund is extending an additional US$114 million interest-free loan to Haiti, but the Fund's board did not reiterate the commitment of IMF chief Strauss-Kahn that the "IMF is now working with all donors to try to delete all the Haitian debt, including our new loan".
The largest multilateral holders of Haiti's debt are the Inter-American Development Bank (US$447 million), the International Monetary Fund (US$165 million, plus US$100 million in new lending), the World Bank's International Development Association (US$39 million) and the International Fund for Agricultural Development (US$13 million). The largest bilateral loan is held by Taiwan (US$92 million), with Venezuela announcing it is cancelling Haiti's $295 million debt to Petrocaribe, Venezuela's regional energy distributor.
Meanwhile affiliates of the International Metalworkers' Federation have donated money to the recovery effort in Haiti.
See below links to calls to give Haiti debt relief.
http://www.avaaz.org/en/haiti_cancel_the_debt_12/?cl=463276450&v=5297