Dominican Republic, Haiti to receive new IDB loans

Saturday, November 22, 2003

WASHINGTON, USA: The Inter-American Development Bank has approved a $25 million loan to Haiti to help the impoverished Caribbean nation manage its finances. The bank also announced that it will provide a $6 million loan to the Dominican Republic aimed at helping the government strengthen its banking system. 

The Washington-based bank said that the loan to Haiti is a key step towards streamlining and modernizing Haiti's public sector. The resources will support the government in establishing a legal framework that will help it manage its finances more effectively and transparently. 

The Haitian parliament must ratify the loan before the first $10 million installment can be disbursed. 

Haiti is the poorest country in the Western Hemisphere. Most of its people live on less than a dollar a day. 

The loan to the Dominican Republic will help bolster the country's economy after a financial crisis triggered by the collapse of one of its largest banking groups. 

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