UN experts recommend immediate abolition of debt owed by Haiti to international financial institutions

February 5, according to Venezuelan Global Television reported today, the United Nations independent foreign debt expert Lumina yesterday suggested the immediate abolition of Haiti owed to international financial institutions such as the World Bank debt, so that Haiti can recover from the earthquake damage. In a communiqué, Lumina congratulated the 19-nation Paris Club for removing the 214 million dollar decision that Haiti owed. But he did not think that was enough, and more important was to exempt Haiti from the external debt owed to multilateral creditors. At present, Haiti's external debt is $890 million, of which 41% per cent is owed to the Inter-American Development Bank and the World Bank owes 27% of its debt. He called for unconditional compensation assistance to Haiti, not new loans. Lumina severely criticized the International Monetary Fund's recent decision to repay the 114 million-dollar interest-free loan to Haiti after 5.5. The need to avoid a new form of debt that Haiti cannot support, and to expect the Haitian people to be repaid within 5 years is unrealistic. Some experts estimate that Haiti will take 10 years to rebuild. (Tang Yanzhong)