130. IDB Debt Cancellation for Haiti
June 26, 2009 § Leave a comment
This is a major part of the problem. US cmmercail banks hold much of the positive paper.
In Haiti, more than half the country’s debt was contracted by the Duvalier family dictatorship (1957-1986). Harvard economist Michael Kremer reports that Jean-Claude Duvalier stole $900 million from the Haitian people. According to a 2006 UN sponsored census, half of Haiti’s population was born after the Duvalier era and forced to carry this debt burden from birth. The Haitian people were not consulted about these loans, and received little benefit from them. But now they are forced to repay them. It is unjust that Haiti is being asked to comply with economic policies such as privatization of basic services or increased trade liberalization before obtaining full debt cancellation.