UN relieves Haiti of debt

The United Nations agency tasked with reducing rural poverty has approved a debt-relief package for Haiti in a bid to help the country recover from the January 12 earthquake.



Kanayo Nwanze, the President of the International Fund for Agricultural Development (IFAD) says the agreement provides the basis for permanent forgiveness of Haiti’s debt burden to the organisation.



Nwanze says Haiti’s debt to IFAD stands at US$50.7 million.



Under the agreement to write off the debt, the UN says IFAD will contribute up to 30 per cent of the debt relief requirement, with UN member-states needing to contribute the remaining 70 per cent.