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Jubilee Statements

Monitoring the impacts of government and corporate behaviour in communities overseas.

IMF issues new loans to already indebted Haiti

Release Date: 29-Jan-2010

The IMF last week agreed to issue US $102 million in new loans for 'emergency assistance' to Haiti, which will bring Haiti's debts to an unmanageable US$1.2 billion. In response to international pressure, IMF managing director says cancelling debts would be considered in the future, but Jubilee campaigners are concerned that by that time, with the spotlight off Haiti, the political momentum for debt relief will have been lost.

To make matters worse, the IMF will continue to force undemocratic conditions on Haiti through the new loans, like increasing electricity costs and freezing pay for public-sector officials. These conditions have nothing to do with addressing transparency and lack of accountability, as the IMF would have people believe.