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Thursday, July 02, 2009
Canada cancels all debt owed by Haiti
Jim Flaherty, Minister of Finance, today announced that the Government of Canada will forgive $2.3 million in debt owed by the Republic of Haiti through the Canadian Debt Initiative. With this relief, Canada has now cancelled $965 million worth of debt owed by the world’s poorest and most heavily indebted countries, including all of the eligible debt owed by Latin American and Caribbean nations.
"Today’s announcement frees up valuable financial resources that can be better spent on Haiti’s priorities, not its liabilities," said Minister Flaherty. "At a time of unprecedented hardship in the global economy, Canada continues to eliminate financial burdens faced by Haiti and other nations as they take the steps needed to strengthen their economies."
Haiti is the 13th country to meet all of the debt relief requirements of the Canadian Debt Initiative, which will forgive $1.3 billion once all eligible countries have completed the process.
Posted by Matthew Johnston
Posted by Western Standard on July 2, 2009 | Permalink
Comments
someone should tell china that you can do this.
Posted by: howard roark | 2009-07-02 5:39:45 PM
I'm ok with this. Now lets cancel all aid as well.
Posted by: The original JC | 2009-07-02 6:39:44 PM
It doesn't free up jack squat, Haiti had no intention of paying it back anyways. Who wants to bet we never received a dime back? Exactly, it was just aid.
Giving cash aid to Haiti or any direct to government aid is like giving money to a hobo with a my little pony shirt and a cooler marked "candy". It's a bad idea and it makes the world a worse place.
Posted by: Pete | 2009-07-02 6:52:00 PM
I agree with JC. The claim that it will free up resources for Haiti to spend on other priorities however is questionable. since it is not likely that that most Haitians will benefit.
Posted by: Alain | 2009-07-02 8:19:34 PM
First, remember that some 80% of this money was paid to Canadians who spent it in Canada for work done in Haiti or supplies delivered to Haiti. The same goes for the other countries.
Second, we all know what the 20% is for, and this is unacceptable. Let's continue to help poor countries with our tax money but only if 100% of the money is paid to Canadians.
Posted by: Manny | 2009-07-02 9:11:43 PM
First of all no more money given to these 3rd world countries without conditions. that is full democratic changes to their government. no more aid to countries that do not have human rights and that excludes countries with sharia law which treats minorities and women as 2nd class citizens.
Posted by: Louise JP | 2009-07-02 9:50:46 PM
The GG drives a hard bargain. I was disgusted that Harper had to bribe her with a $6 million scholarship program, but this one is beyond the bounds of dirty politics. This is immoral, and criminal. Keep your eyes open for the next political manouver she's asked to accomodate.
It's time to start vetting candidates for the role of Governor General. The first requirement might be that he/she be a real Canadian.
Posted by: dp | 2009-07-02 10:19:13 PM
...the Government of Canada will forgive $2.3 million in debt owed by the Republic of Haiti through the Canadian Debt Initiative.
Posted by Matthew Johnston
That works out to 10 new Mercedes-Benz SL 65 AMG's. Or a couple of used Citations.
Posted by: The Stig | 2009-07-03 7:38:46 AM
"Today’s announcement frees up valuable financial resources that can be better spent on Haiti’s priorities, not its liabilities," said Minister Flaherty.
Posted by Matthew Johnston
And what are Haiti’s "priorities"? It's the only nation in the America's that is classified by the UN as a (LDC) Least Developed Country. Haiti’s GNI is $750 USD per year. Not surprisingly 33 of the 48 countries classified as LDC's are in Africa. Zebulon Punk considers Haiti a shining example.
Posted by: The Stig | 2009-07-03 8:13:07 AM
Does anyone else remember the Fire Hydrants Canada installed as part of building Haitian infrastructure? Only problem was...they had no waterworks. Well done!
Its that kind of stupidity that tells me foreign aid is a joke. Especially when foreign aid is simply a wealth redistribution scheme. The goal being to bring us down to their level and turn us all into one controllable taxpayer.
That and it isn't news that foreign aid is money taken from the poor (working) people of rich countries and given to the wealthy people of poor countries.
Posted by: The original JC | 2009-07-03 10:29:04 AM
Contrary to Manny I say NO let us not continue to "aid" poor countries with our tax dollars. This is being realistic and not selfish. The example of fire hydrants given by JC is actually all too typical. Worst is that all the tax dollars in the country never ever help those in need, but they are great for lining the pockets of the top tyrants.
Real aid that is effective already exists through the numerous private groups, charities and associations. While many are faith based not all of them are. These groups work directly with the people affected, one on one and accomplish what no government aid agency ever does.
Posted by: Alain | 2009-07-03 10:43:56 AM
Again. It comes down to simple morality. Altruism should be voluntary. If people wish to send their money to other countries, let them, but don't force them with coercion and violence.
Posted by: Charles | 2009-07-03 12:03:32 PM
I also agree with The original JC @ 2009-07-02 6:39:44 PM.
Posted by: Speller | 2009-07-03 7:04:33 PM
Its absolutely correct , no more loans should be given to countries who don't treat their nations properly , they are the third world countries .
Posted by: Debt Rescue | 2009-08-18 4:45:57 AM
Risks are attached with debts , economies take credit policies in to consideration to cater low risk with strong financial conditions .
Posted by: Debt Rescue | 2009-09-08 2:29:11 AM
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