Economy and Financial Affairs
- Mon Nov 03 2008
Source:
Caribbean Policy Development Centre
Organizations representing Caribbean civil society have written to G8 finance ministers, the World Bank, and the IMF, to demand an immediate and unconditional cancellation of Haiti's external debt.
Organizations representing Caribbean civil society organizations and social movements have written to G8 finance ministers, the World Bank, and the IMF, to demand an immediate and unconditional cancellation of Haiti's external debt.
The letter states that four recent hurricanes and tropical storms have created a disaster that has left hundreds of thousands of Haitians homeless and much of the country's basic infrastructure destroyed. The existing crisis of high food prices has been made worse with Haitian farmers losing their crops and much of their livestock.
The Caribbean organizations note that the Haitian government is struggling to help people still without food and drinking water over a month after the last hurricane struck. International assistance has been slow to arrive. Yet Haiti is still paying over US$1m per week in debt service payments.
"The resources that Haiti presently allocates for debt service must now be available for the very many projects needed to remedy the impacts of the hurricanes", say the organizations from across the Caribbean. "The moral and humanitarian imperative is clear."
With reference to the World Bank and IMF's debt relief initiative, the civil society organizations note that the debt relief on offer is "neither unconditional nor immediate". To qualify for relief the country must first meet targets for a so-called completion point. Then, even if it does adjust its economic policies to the liking of the international finance institutions and secure the debt relief, Haiti will still be left owing around one quarter of its current US$1.7bn debt.
The Caribbean organizations signing the letter include the regional Assembly of Caribbean People, Trinidad and Tobago's Federation of Independent Trade Unions and NGOs, the Bahamas Human Rights Network, the Haiti-Jamaica Society, and the 17 members of the Caribbean Policy Development Center (CPDC), which includes the Caribbean Conference of Churches, and the Caribbean Association of Feminist Research and Action.
The full text of the letter can be read here
|
|
|
|
| |
| |
| More |
| In-depth
reports |
External debt
In the last two decades, the external debt has been a huge problem that third world countries have to face. This situation has generated a “spiral of poverty” where once inside it, is very difficult for developing countries to get out.
Poverty
Although there is a wide array of perspectives on poverty at world level, no agreement has been reached about its character. In spite of having a common basis, there are multiple definitions and concepts on this issue.
Economic, social and cultural rights - ESCR
ESC rights are valid, enforceable, justiciable and claimable under both local and international law. Civil society is campaigning for their full implementation.
|
|
|
|
