Pamela Gomez, Oxfam International Policy Advisor, said:
“While it is welcome that the Fund is providing Haiti with debt relief it is deeply concerning that at the same time the Fund is risking a build up of Haiti’s future debt problems with a loan of $60m. This assistance should be a grant, not another loan, which might help to bail-out Haiti today but only by creating an even bigger debt problem tomorrow.
Anyone who owns a credit card will understand that this is not a route to solvency. Haiti is an extremely poor country and the massive calamity that it suffered in January makes it a special case. The IMF’s Executive Board must alter its internal rules now to allow grants to countries in exceptional circumstances, as is so obviously the case here.”
To arrange an interview, or for more information, please contact:
Sarah Dransfield, in the UK, on: + 44 7767 085636 or firstname.lastname@example.org
or Pamela Gomez, in Washington, on: + 1 240 543 2520 or Pamela.Gomez@oxfaminternational.org
Notes to editors:
- The $268 million in debt relief for Haiti will come from the Post-Catastrophic Debt Relief Trust Fund.
- A loan of $60 million – under the Extended Credit Facility – will provide the country with reserves needed to manage the exchange rate.
- IFAD Executive Board approves debt relief for Haiti
- Working with Oxfam in Haiti: a small – and risky – but important contribution
- Oxfam response to the emergency Budget
- Oxfam reaction to M&S Plan A announcement
- Oxfam calls on football fans to join the world’s longest game of keepy uppy – and tell leaders not to drop the ball