Help Haiti today and tomorrow: Cancel the debt
Oxfam’s biggest concern right now is dealing with the immediate aftermath of the humanitarian disaster caused by the devastating earthquake. But in our concern to help those suffering, let’s not forget the long term.
The world’s attention is focused on Haiti. Leaders are pledging to stand shoulder to shoulder with the people and help them to build a brighter future out of the rubble. The debts that Haiti owes will hamper efforts to rebuild the country and lock them in poverty for years to come.
Leaders met in Montreal recently to discuss their response but didn’t commit to debt cancellation. The International Monetary Fund (IMF) has said that it will work to cancel the debt, and this now needs to happen.
Why is debt cancellation so important?
Haiti still owes hundreds of millions of dollars in debt – a legacy of loans from global financial institutions and donor nations to unelected governments of years past. It is one of the poorest countries in the world and yet the IMF response to the earthquake was to offer a $100 million loan. This loan would increase Haiti’s debt burden at this time of crisis.
