08 February 2010

Recent IMF News in the Caribbean

Press Release No. 10/17
January 27, 2010
"The Executive Board of the International Monetary Fund today completed the sixth and final review under Haiti’s Extended Credit Facility and approved an SDR 65.5 million (equivalent to about US$102 million) augmentation to the facility, that will help Haiti cope with the aftermath of the massive and disastrous earthquake that struck the country on January 12, 2010. With the approval of this additional financing, a total of US$114 million will be disbursed by the end of this week, constituting the largest amount made available so far to the Haitian authorities after the earthquake..." [To Read more click here]
This loan comes after the devestating earthquake in Haiti and is claimed to be beneficial to Haiti's growth. When the earhquake hit the IMF promised to relieve Haiti of its over 100 million dollar debt, but we all should know that a promise is a comfort to a fool. I would only hope to see a statement that the IMF has relieved the previous debt, but one can only hope...

More Resources:
Jubilee Debt Campaign: Haiti

"The IMF approved a $1.27 billion loan to support Jamaica’s plan to recover from mounting government debt, weak economic growth, and the effects of the global economic crisis, the international organization announced on February 4...." [To read more of this article click here.]

There are 2.8 million people living in Jamaica, and the International Monetary Fund claims this loan will be beneficial to the growth of the Jamaican economy. To truly understand the history of international organizations in Jamaica please read more. I also recommend that you watch the documentary
Life and Debt [featured on the Tribal Immunity blog last week] to have a better grasp as to why Jamaica is one of the poorest country's in the Caribbean.

"How the IMF Wrecked Jamaica" is also a pretty informative article about Jamaica's relationship with the IMF on socialistworker.org.

by OmegaD.

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