$1.2 billion in debts canceled to help Haiti

Jonathan Katz (AP) via Washington Post

Three international organizations canceled $1.2 billion of Haiti’s debt Tuesday, freeing up millions of dollars each year for the deeply impoverished Caribbean nation that is beset by humanitarian crises.

The World Bank and the International Monetary Fund said their boards decided this week to forgive Haiti’s obligations to the two organizations, a move that triggered previously announced debt relief from the Inter-American Development Bank.

The actions erased nearly two-thirds of Haiti’s outstanding debt. As of April, Haiti owned more than $1.9 billion, according to the Washington-based Center for Economic and Policy Research.