"The International Monetary Fund (IMF) is an organization of 186 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade promote high employment and sustainable economic growth, and reduce poverty around the world."The IMF is an agency of the United Nations.
The IMF is not a bad thing, seeking to squeeze repayment from countries like Haiti who could never repay anyway.
The IMF has just approved $102 million in aid to Haiti. Although this must be shown as a loan (the IMF lends money) one should not be afraid that Haiti will have to use your donations to pay back the IMF. Haiti doesn't pay it's debts. No need to fret.
Additional information added from Reuters newswire, 1/28/10:
Some $1.2 billion of Haiti's debts to the IMF and World Bank were written off in July last year as a reward by the international community for progress the country was making in economic reforms and management.
Was there a point to this?
ReplyDeleteOne of the easiest ways to help Haiti would be to cancel existing debt, not to heap on more. Expecting the country to repay as it is struggling to recover is madness.
ReplyDeleteHaiti's indebtedness started when France demanded compensation for the loss of its slave colonies. Nice one.
@Stephanie B - Yes.
ReplyDeleteBut I have forgotten what it was now.
ReplyDelete