Business News - IMF Cancels $268 Million Haiti Debt

The White House has recently made speculations that the US budget deficit will eventually reach a whopping $1.47 trillion this year. In fact, analysts have calculated that the government in indeed borrowing 41 cents, for every dollar that they have spent. Although the budget deficit might reach such a staggering figure, the administration added that the figure is actually a little better than what was predicted in February.

On the other hand, the White House also highlights the unusually high unemployment rate in the country, whereby unemployment rates are still at 9.5%. And according to the officials, they are forecasting the unemployment rate to be at 9% next year, which is a marginal improvement. Top economists in the country are also forecasting that unemployment rate will not sink back to the normal rate of 5.5% to 6% in this decade.

However, analysts believe that the US budget deficit will significantly improve in 2012, whereby they are forecasting that the deficit will be lowered to $1.42 trillion, or 37 cents of borrowing for every cent spent. Also, it seems that they are still quite optimistic over the developments of the economy in the future, but surely, Obama needs to focus more of his energy to help stimulate the economy, and to create more jobs in the market, so that the stubbornly high unemployment ratio would be lowered to a much more manageable level.

IMF Cancels $268 Million Haiti Debt

Saturday, 03 July 2010

The International Monetary Funds has earlier lent Haiti $268 million as part of the plan for the long-term reconstruction of the country. In fact, the money was intended to be used to help rebuild Haiti after the magnitude 7 earthquake devastated the country on January 12 this year.

On the other hand, the IMF has further committed another $60 million to Haiti, with bids to help with the ongoing reconstruction plans. IMF chief Dominique Strauss-Kahn has mentioned that he hopes that the fund will accelerate the reconstruction plans in the country. Also, Dominique Strauss-Kahn said that he hopes that such moves will encourage aid contributions to impoverished countries as well.