Today brought more good news in Jubilee's efforts for Haiti debt relief: The InterAmerican Development Bank (IDB) announced that it would cancel the debts Haiti owes to the institution. A total of $479 million, this is the largest amount Haiti owes by far to a single creditor.
Just after the quake hit, Jubilee activists around the country took action through calls, letters, and petitions to Congress and the White House – their voices were heard as Treasury Secretary Geithner and Congress both announced the US’ intention to ensure debt cancellation for the devastated country. With 30% of the vote in the InterAmerican Development Bank, the US has huge influence of the institution’s actions. Thus, the news from the Cancun IDB meetings is proof that the US and its international partners are fully committed to giving Haiti a clean financial slate as it moves forward in recovery and reconstruction.For the full story on the IDB's announcement, read the Business Week article "Development bank forgives $479 million Haiti debt."
For more on Jubilee’s work on Haiti, click here.
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