The IMF has promised an interest free loan of $100 million in emergency funds... In this CNN article, the head of the IMF, Dominique Strauss-Kahn says, "The most important thing is that the IMF is now working with all donors to try to delete all the Haitian debt, including our new loan. If we succeed- and I'm sure we will succeed- even this loan will turn out to be finally a grant, because all the debt will have been deleted." Why can't the IMF just give the money as a grant in the first place? What are they doing to ensure that debt will be deleted, so that Haiti does not fall even further into debt?
He is later quoted as saying, "And so the question was: were we going to do nothing or give a loan? We decided to give a loan- but a zero-interest loan with a long grace period." But a loan nonetheless...And how do you define "a long grace period"?
In response to the CNN article, Clara sent me this clip of Naomi Klein speaking on the importance of giving grants, not loans in the relief efforts. Thanks Clara!
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