Haiti may be the poorest country in the Western Hemisphere, but it now has something about which most of us only dream: debt-free status, at least as far as the World Bank is concerned. The country’s earthquake four months ago left it in a reconstruction battle that even the Bank recognizes as too devastating for the country to handle on its own.AFP reports:
“Haiti now has no further amounts payable to the World Bank,” it said.
The IDA debt cancellation was made possible by contributions from 13 member nations: Belgium, Canada, Finland, France, Germany, Ireland, Italy, Japan, The Netherlands, Norway, Spain, Sweden, and Switzerland.
Shortly after the massive earthquake in January flattened the Haitian capital of Port-au-Prince, the 186-nation World Bank announced it had suspended repayment of the IDA debt and would seek to cancel it.