World bank to cancel Haiti’s debt

The World Bank said it would be canceling some of Haiti\'s debt next year, as the country grapples with rising food prices and the devastation from four major storms.



Bank president Robert Zoellick, has pledged long-term aid to keep the country from falling deeper into crisis.



Mr. Zoellick said measures are now underway to terminate Haiti’s World Bank debt by mid 2009.



Haiti is said to owe the World Bank $540 million.



Mr. Zoellick said the country needs to address several matters, such as corruption and increasing public investment before this is done.



The World Bank has pledged US$25 million in emergency storm relief grants and millions more have been invested in private companies.