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By Gary EleazarIn light of several calls advocating for Haiti’s foreign debt to be written off, Minister of Home Affairs Clement Rohee,Jon Lester Cubs Jersey, who is currently performing the duties of President of Guyana says that it is too early to pronounce on that issue.According to Rohee, he does not have all the facts at hand, namely, the level and types of debt that Haiti has.Rohee said that he was unaware whether Haiti’s debt was multi-lateral or bi-lateral and as such he would be unable to pronounce on the matter.Following the devastating earthquake last week that killed tens of thousands and left hundreds of thousands displaced, global civil society has stepped up calls on governments and International Financial Institutions to unconditionally cancel Haiti’s remaining debt.One such body is the “Eurodad and Jubilee Debt Campaign” that says Haiti is in dire need of large-scale grant funding to help it recover from the earthquake, and debt relief is one of the most effective ways to create immediate fiscal space for the country.“Most importantly, disaster relief should under no condition be provided as new loans…Contrary to this, the IMF’s proposal to augment existing loan agreements with Haiti will amass new debts, increasing their already high debt distress levels.”It was pointed out that when Haiti reached HIPC (Heavily Indebted Poor Countries) completion point in June last year, only US$ 1.2 billion of the country’s external debt was written off.This is because debt relief agreements from the IMF and other creditors only covered debts acquired up until 2004.New loans Haiti has received since then has added to its debt.And according to that body, “Today, Haiti still owes $890 million to international creditors, and is expected to pay the IMF US$50 million over the next five years.”Only recently the Alliance For Change (AFC) issued an international plea for Haiti’s debts to be written off in light of the massive devastation that has hit the island.The party in a statement noted that even in the wake of the earthquake, Haiti’s obligation to pay off $600 million in unfair debt racked up years ago by corrupt governments and unscrupulous lenders still remain.The party drew reference to the fact that after the 2004 tsunami, debt payments from countries like Sri Lanka were suspended to ensure that funds flowed to urgent priorities like food, water and medicine. According to the AFC,Branden Oliver Chargers Jersey, Haiti’s crisis is no different and it should not be asked to send money out when it desperately needs resources flowing in.“At a moment like this, global financial institutions won’t be able to ignore a worldwide outcry…Help lift a massive burden from Haiti’s ability to rescue, recover, and rebuild…So along with raising money, let’s raise a million voices for emergency debt relief for Haiti.”The AFC noted “Even before the earthquake, Haiti was one of the world’s poorest countries due, in part,Cleveland Indians Jerseys, to a legacy of unjust debt stretching back to France’s demand for reparations after its 1804 revolution.In recent years, the tremendous worldwide campaign for debt relief has shown the power of public pressure to support poor nations. Guyana has been a beneficiary under HIPC but today, Haiti is scheduled to pay $10M this year to the IMF and Inter-American Development Bank, and still more millions to specific lender countries.“Recovering from the earthquake will take years, even decades and as the headlines fade,Cheap Jerseys From China, donations will slow,Jordan Willis Jersey, but the burden of paying debts incurred by unelected governments will continue,Yasmani Grandal Jersey, unless we take this moment to make a change.“Demand of the IMF, the World Bank, the IDB and other lenders that they cancel Haiti’s debts…All of it, please,” the Party asserted.
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