Haiti’s debt canceled

The World Bank and the International Monetary Fund (IMF) has canceled 80 per cent of Haiti’s debt.



That percentage is equivalent to US$1.2 billion.



The institutions say they chose to grant the debt relief based on the country’s compliance with their conditions to reform its economy and implement poverty reduction measures.



Correspondents say much of the debt was run up during the 30-year rule of Haiti\'s Duvalier father and son dictatorship, which ended in 1986.



Haiti is the latest of more than two dozen countries to receive debt relief under similar initiatives.