Breaking: US Treasury calls for full cancellation of Haiti debt
Big news. The U.S. Treasury Department just announced their intent to work with partners around the world to forgive Haiti’s debt in full. They also voiced their support that aid to Haiti come in the form of grants, not loans.
As you know, ONE has repeatedly pushed for these principles, including a massive campaign that as of now has received over 200,000 signatures. We will continue to push world leaders to cancel Haiti’s debt, including a petition delivery at the G7 finance ministers meeting in Iqaluit, Canada tomorrow.
This morning’s announcement from the U.S. Treasury is a tremendous step forward to giving Haiti a real chance to recover from last month’s devastating earthquake. This momentum would not have been possible without ONE members. Thank you for all your hard work.
Here’s the U.S. Treasury Department’s statement in full:
SECRETARY GEITHNER VOICES SUPPORT FOR INTERNATIONAL DEBT RELIEF FOR HAITI, FINANCING OF RECOVERY THROUGH GRANTS
WASHINGTON – The U.S. Department of the Treasury today announced the United States will work with its partners around the world to relieve all debts owed by Haiti to international institutions and to ensure grant financing to support Haiti’s reconstruction and recovery from the devastating earthquake in January.
“The earthquake in Haiti was a catastrophic setback to the Haitian people who are now facing tremendous emergency humanitarian and reconstruction needs, and meeting Haiti’s financing needs will require a massive multilateral effort,” said Treasury Secretary Tim Geithner. “Today, we are voicing our support for what Haiti needs and deserves – comprehensive multilateral debt relief.”
Secretary Geithner also welcomed International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn’s call to provide full relief for Haiti’s outstanding IMF debt, including the $102 million emergency loan approved on January 27, 2010.
“We are committed to working quickly and closely with these institutions in a way that provides immediate grant assistance to help the Haitian people recover and rebuild,” Secretary Geithner continued. “I very much welcome the initiative taken on this issue by leaders in Congress, the IMF, and the MDBs and look forward to working with them to provide the critical support Haiti needs for recovery as well as to discussing this issue with my G-7 colleagues this weekend.”
Treasury announced that the U.S. intends to seek a commitment with other donors for the relief of Haiti’s debt to the Inter-American Development Bank (IDB), the International Fund for Agricultural Development (IFAD) and the International Development Association (IDA) in a manner that provides direct and immediate grant support to Haiti.
In September 2009, the U.S. concluded an agreement with Haiti that eliminated 100 percent of the Haitian Government’s outstanding debt to the U.S. This action was taken following Haiti’s successful completion of the Heavily Indebted Poor Country (HIPC) Initiative process in June 2009.
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February 5, 2010 at 12:49 pm
Go America!
February 5, 2010 at 2:08 pm
So what do I need to do to cancel or forgive my private student loan debt? Would be nice not to have to worry about it and my family would be much better off without it for sure.
February 5, 2010 at 2:28 pm
This is only the beginnng of what will likely become a generation of rebuilding for Haiti. May we continue to holistically support the recovery in Haiti in the years to come!
February 5, 2010 at 2:33 pm
What can be done to promote the debt cancellation in your own country? (In my case, the UK)
February 5, 2010 at 3:21 pm
PLEASE SUPPOERT HAITI DEBT RELIEF.
February 5, 2010 at 3:23 pm
I do not want to help them as long as they have some of my fellow Idahoans in their custody.
This is totally wrong when they know that we were only trying to help their people (babies) when they won’t help their own.
February 5, 2010 at 3:32 pm
The selfishness (second post) and the ignorance (last post) of some people never ceases to amaze me.
February 5, 2010 at 3:32 pm
GO AMERICA AND THANK YOU HAITI FOR YOUR KIND THANKS>>>>>>>>>>>>ONE IS THE WORL!!!
Sincerely,
Barbara Hirsh
February 5, 2010 at 3:38 pm
To follow up, to get your country’s debt (or your own) forgiven, go ahead and start off by being the poorest country in the Western Hemisphere. Then add overpopulation to the mix and your exuberant debt that can’t be paid off due to lack of a stable economy and then top it off with a natural disaster. to make it interesting, throw in a history of dictators and prime ministers who do nothing but kill and strip natural resources. Yep, that sounds like the recipe for debt forgiveness. Give it a try.
February 5, 2010 at 3:44 pm
Please drop Haiti’s debt to the USA in the amount of 1 billion dollars and ensure them that any
emergency earthquake assistance is provided in the form of grants, not debt-incurring loans.I
February 5, 2010 at 4:29 pm
I`m so proud of all the people around the world! Romania is with you! Hope for Haiti!
February 5, 2010 at 5:58 pm
I am in full support of the entire Earth helping Haiti by canceling their debts. Let’s try to heal the World through helping our Brothers and Sisters there together in one , The HUMAN RACE…humanity and charity need to be the order of the day! I am grateful and proud that the United States is responding to dismissing the debt ,so Haitians can build a new life.
February 5, 2010 at 6:55 pm
This is what I love about “ONE”, you see that you can make a difference and it feels so good to be able to do it. If there is any good coming out of he devastation in Haiti, it is it is going to be a better Haiti because of us and One
February 6, 2010 at 12:08 am
I live in Boise Idaho and Teresa’s comment does NOT represent us! I really cannot believe she said that. Dear God. As for other ignorant comments it just highlights how selfish and self-centered first world nations are. Please educate yourselves on the US’s role in keeping Haiti in abject poverty. It is the very least we can do to forgive their debt. Usually the US gives loans to poor countries that they can never repay and that keep them subservient to the US. (Read Confessions of an Economic Hitman.) Very often something called the “Shock Doctrine” (Naomi Klein) is employed when a country has a disaster. We give them loans rather than grants to capitalize on their vulnerability. People anticipated this w/Haiti and there was a huge outcry which is why I believe this is happening. If this is a sincere and true forgiveness of debt with NO STRINGS ATTACHED then I applaud the US and support this decision. My fear is that there are strings attached and some deal has been worked out where our government and Haiti’s government – but not the people in either country – benefit financially.
February 6, 2010 at 1:28 am
I was hoping and praying that this would happen. I am excited to see the world community stand up for the betterment of others in need. Debt would have dominated the use of the relief funds and left the people of Haiti without the means with which to rebuild. Now if they have aid for doing the extensive work of rebuilding their society infrastructures Haiti might actually have a chance to become a thriving nation.
February 6, 2010 at 3:04 am
Joshua, I’ll give you the benefit of the doubt and assume that you are asking a valid question, not making a selfish remark.
There is a Public Service Loan Forgiveness program that you can find out about at the government’s Direct Loans website. That is exactly how you can have forgiveness of your debt, by serving in a career that sacrifices financial gain for the good of others.
February 6, 2010 at 11:51 am
Yea, Elizabeth!!!
This is an act of justice! Forgiving my student loan would be injustice — I can pay it, yes, it sometimes is tight, but next to the poverty prior to this devastation, any economic woes are I may have are minimal if at all! My income is not great!! Under $50,000. I live within my means, including debt repayments. We need to support economic justice and stop asking for money Haiti does not have!
The concept of justice is that the “elite” the “have’s” do not continue to see that the “poor” the “havenots” are prevented from gaining because of our power. That they have the same opportunities to grow and develop a viable economy where all can have adequate access to the basic needs of life.
As for the folk from Idaho. I don’t doubt their good intentions, but we must be careful to honor and respect the dignity of the Haitian people, follow their laws, and not exploit their needs, nor hold our assistance hostage. I pray for them and also for the children of Haiti.
February 6, 2010 at 1:44 pm
I agree with JGray & JSmoke. The sad ignorance of our and France’s involvement in and cause of Haiti’s poverty is another result of the onesided nationalistic teaching of history here and abroad. One should do more research before making such important and farreaching comments.
February 6, 2010 at 1:48 pm
THIS IS A GOODTHING FOR AMERICAN TO SUPPORT DEBT RELIEF FOR HAITI PEOPLE.
February 6, 2010 at 2:05 pm
wonderful news – now follow it wit h WHO? is going to manage the reconstructon?
Haiti has ben screwed so many times, and exploited ( yes, by U.S corporations) it is scary to watch-
Get Aristede back!- a legitimate president.
February 7, 2010 at 11:06 pm
We need good news, and this is it! I hope we don’t give up on our commitment and interest in helping Haiti in the future when the worst of the crisis is over.
February 7, 2010 at 11:57 pm
This comment is for Theresa Mc Mcgill’s 2/5/10 comment. This group went into another country and violated a law. It is illegal for anyone to take children out of the country without the governments approval. Others have adopted Haitian children without any problems because they followed the law. Think about this issue in the following way. What if Haitians came to the U. S., and gathered up 20 to 30 white children and attempted to leave the U. S. with them. What do you think would have happened to the Haitians. They would have been arrested. I know without a doubt that taking the children was wrong. The group totally ignored the laws of Haiti, disrespected Haiti’s laws, and the Haitian people. Some of the parents did not give permission. Therefore, this is plain kidnapping. Did you stop to think about these things?
February 9, 2010 at 12:18 pm
This is great news. I’m pushing for more signatures as I type this. It is a pleasure to help ONE.org in any way I can.
February 9, 2010 at 1:07 pm
Thank you ONE for helping Haiti. Haitians people need these big pushes to star over. They have been thru so much
February 9, 2010 at 1:09 pm
Thank You ONe for helping Haiti. Haitian people need these big pushes to start over. They have been thru so much.
October 27, 2010 at 6:38 am
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