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IMF Says Haiti Qualifies for Debt Relief

The International Monetary Fund says Haiti qualifies for partial cancellation of its debt.

Takatoshi Kato, the IMF's deputy managing director, said Tuesday that Haiti has an unsustainable amount of debt and therefore is eligible for assistance under the Highly Indebted Poor Countries Initiative.

The impoverished country is struggling to manage roughly $1 billion in debt.

The Fund said in July that under the IMF-World Bank initiative, Haiti could receive up to $14 million in credit in the first year and possibly additional contributions of $22 million.

Kato said the IMF welcomes the Haitian government's commitment to policies aimed at sustaining macroeconomic stability. But, he said Haiti needs continued financial support from the international community as the country faces challenges in the areas of security, social conditions and sustained income growth.
Some information for this report was provided by AFP and Reuters.