IDB approves funds for Haiti

The Inter-American Development Bank (IDB) today announced the approval of a US$25 million grant to support the Haitian government’s public spending and debt management initiatives.



The grant, which will be disbursed in a single tranche, will support the Haitian government’s reforms to increase tax and customs revenues, improve the efficiency of public spending and strengthen the management of public debt.



A release from the Washington-based institution said the funds will also contribute to Haiti’s efforts to reinforce its Public Works Ministry’s capacity to plan, develop and maintain the national road network.



In addition, the IDB said its taking part in a multilateral debt relief initiative that enables Haiti to free up to US$50 million annually for investments in poverty reduction programs.