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IMF Calls for Massive Aid to Rebuild Haiti

The head of the International Monetary Fund says a massive aid program is needed to rebuild Haiti, and it will take a coordinated group of nations and donors to make it work.

IMF chief Dominique Strauss-Kahn says it will take something on the scale of the U.S. Marshall Plan that rebuilt Europe from the ashes of World War II.

Earlier this week, the IMF authorized a $100 million loan to help Haiti's government continue to function. Strauss-Kahn says the no-interest loan may be forgiven along with many of the impoverished nation's other debts.

Another IMF official says a few financial institutions are reopening, including companies that transfer funds. This will make it possible for the many Haitians living overseas to send money to relatives in the stricken area.

The official says some banks will reopen soon, a step toward rebuilding the shattered economy.

The IMF also says a donor's conference will convene in Montreal next week.

Some information for this report was provided by AFP and Reuters.