New Developments on Haitian Debt Reduction

Exciting developments are underway with regard to Haiti's debt. As you may be aware Haiti is currently paying some $60-80 million a year in debt service.

The latest disastrous earthquake has caused some to reflect on this and take action to help Haiti in the long term. Jubilee Debt Campaign has provided us with this information, which is cause for much excitment and much prayer.

In the last 24 hours the World Bank has announced it will be cancelling 100% of Haiti's remaining debt owed to it ($39 million). This is not a large proportion of Haiti's debt but of course it is an amazing move.

Thank God for this exciting development and pray with us that Haiti's other creditors will follow in the World Bank's footsteps.

On Wednesday the head of the IMF, Dominique Strauss- Khan, released a statement saying:

'The most important thing is that the IMF is now working with all donors to try to delete all the Haitian debt, including our new loan. If we succeed—and I'm sure we will succeed—even this loan will turn out to be finally a grant, because all the debt will have been deleted. And that's the very important thing for Haiti now'

His comments could spell fantastic news for Haiti and for even greater progress in debt cancellation. He has come under fire from other IMF board members for these words; however Germany and Japan have voiced concerns on debt relief.

The IMF executive board will meet next Wednesday (27th Jan) or Thursday (28th Jan) to discuss the IMF $100 million package to Haiti and debt relief.

Please pray for the IMF board members that they will be merciful to Haiti and cancel their debt. Pray that God would lead the meeting to the best possible outcome for Haiti, and that all the creditors would work together not for their own gain, but to alleviate the pain of the Haitians.

Jubilee Debt Campaign is lobbying the Chancellor Alistair Darling to drop Haiti's debt. As part of your prayers please take action and join your voice to speak up for the Haitians who cannot speak for themselves.

http://www.jubileedebtcampaign.org.uk/

I have posted watchmen on your walls, O Jerusalem; they will never be silent day or night' Isaiah 62v6
We are privileged to be able to see what is happening in our world and take action. Be the watchman and pray with us for these developments.

Esther Barlow, 22/01/2010