UN Expert Calls for Urgent Cancellation of Haiti’s Remaining Multilateral Debt

UN Expert Calls for Urgent Cancellation of Haiti’s Remaining Multilateral Debt,Office of the United Nations High Commissioner for Human Rights, February 4, 2010 The UN Independent Expert on foreign debt and human rights, Cephas Lumina, called Thursday for an immediate cancellation of Haiti’s debt with multilateral creditors, and the provision of unconditional grant-aid, “not new loans whatever the degree of concessionality.” The UN expert welcomed the recent announcement by the Paris Club - an informal group of 19 creditor countries - that its members would cancel the US$214 million debt owed to them by Haiti. However, he warned that “the decision is insufficient to assure the country’s sustainable recovery effort, given that the bulk of its external debt is owed to multilateral creditors.” More...