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Haiti: Debts

Volume 487: debated on Thursday 5 February 2009

To ask the Secretary of State for International Development if he will support (a) Haiti's accelerated progress through the Heavily Indebted Poor Countries debt cancellation process and (b) a moratorium on Haiti's debt service payments. (253420)

The International Monetary Fund (IMF) and World Bank anticipate that Haiti will complete the HIPC Initiative in the next few months, at which point it will receive irrevocable debt cancellation. The UK Government therefore do not believe an accelerated progress through the Initiative or a moratorium on debt service is required. Haiti has been receiving relief on its debt service since 2006 and is not making any payments to the UK Government.

The international community recognises the recent challenges Haiti has faced—hurricane damage, and high fuel and food costs—and has provided exceptional assistance. For example, the Inter-American Development Bank, the IMF and the World Bank have agreed additional assistance amounting to a total of $100 million (approximately £70 million).