Debt relief for Haiti

In response to initiatives in Congress, including legislation introduced in the Senate by Chris Dodd (D-CT) and Richard Lugar (R-IN), and in the House by Rep. Maxine Waters (D-CA), Treasury Secretary Timothy Geithner announced last week that the U. S. will work with foreign governments and major international financial institutions, like the IMF and World Bank, to relieve all of Haiti’s current $1.051 billion debt. In addition, Geithner intends to seek a commitment from other donors that aid given to Haiti in the coming weeks and months will arrive in the form of grants, and not loans.