Venezuelan government writes off Haiti's debt
Saturday, February 6, 2010
By: Derek Ford
In brief
During the closing ceremony of the Bolivarian Alliance for the Americas (ALBA) in late January, President Hugo Chávez announced that Venezuela will forgive Haiti’s debt.
Referring to the example of the Haitian revolution and the support the country provided the independence movement that liberated Venezuela from Spanish rule, Chávez stated: “Haiti has no debt with Venezuela. … It is Venezuela that has a historic debt with Haiti.”
The International Monetary Fund estimates Haiti’s debt to Venezuela at $295 million—almost one-third of Haiti’s international debt. The IMF, for its part, has mentioned nothing of cancelling Haiti’s substantial debt.
Since the earthquake, Haiti has received 225,000 barrels of oil through Petrocaribe, a regional energy alliance launched by Venezuela intended to equalize access to energy. Venezuela has pledged to meet the fuel distribution needs of the Haitian people without cost. Additionally, during a special meeting of ALBA member-countries allocated $120 million to aid in the development of industry, agriculture and vital social services.
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