A desperate and largely unknown humanitarian crisis is deteriorating in the Lake Chad Basin region of West Africa, forcing millions of people to flee their homes and leaving millions more in need of humanitarian assistance. Oxfam is providing life-saving support but help is urgently needed to prevent the crisis turning into a catastrophe.
IMF announces debt relief and loan for Haiti
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 $60 million. 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."
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.
To arrange an interview, or for more information, please contact:
- Sarah Dransfield, in the UK, on: +44 1865 47 2269, + 44 7767 085636 or firstname.lastname@example.org
- Pamela Gomez, in Washington, on: + 1 240 543 2520 or Pamela.Gomez@oxfaminternational.org