Taipei.– Minister of Foreign Affairs Timothy Yang yesterday
unveiled
Taiwan’s debt reduction plan for Haiti, with the Taiwanese government
shouldering interest payments to local banks for five years as the
Caribbean country struggles to recover from a devastating earthquake in
January.




Yang told lawmakers in March that Haiti owed Taiwan, one of
its major lenders, US$88 million. Haiti’s total foreign debt was
estimated at US$1 billion
before the fatal quake. As the debt-ridden country tries to recover from
the disaster, some of its major lenders –including Venezuela and the
G7– agreed
to cancel all of its debts.


Amid calls from the international community for Taiwan to
cancel Haiti’s debts, Yan said the debt repayment plan was the “maximum
amount” that Taiwan could “afford.” The five-year period starts this
year, during which Haiti
will be exempted from repaying any interest payments and principal to
Taiwan. Taipei and Port-au-Prince will discuss a debt
repayment plan after the five-year period.


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