WASHINGTON (Reuters) – The head of the Inter-American Development Bank, Luis Moreno, said yesterday there was wide support among donor countries to cancel about $1.2 billion in debts on Haiti’s books.
“Most of our shareholders have expressed a desire to do a debt relief of the outstanding amount owed by Haiti, of which the IDB has $441 million,” Moreno said in an interview with Reuters.
Speaking ahead of the annual meetings of the IDB in Cancun, Mexico, this weekend, Moreno said he expected member countries to discuss debt relief for Haiti, as well as increased grant funding for the country so it doesn’t rack up more debt.
“I think we will come to a conclusion on how to do that debt relief,” Moreno said.
Haiti last year won some $1.2 billion in debt relief from institutions like the IDB, World Bank and International Monetary Fund for debt it had accumulated through 2004. The additional $1.2 billion is the debt it has amassed since then.
The IDB has been one of the development lenders at the forefront of helping Haiti recover from the earthquake.
With hurricane season approaching the Caribbean, Moreno said it was critical to get the rebuilding effort under way.