U.S. President Barack Obama signed into law on April 26 the legislation that calls for the cancellation of Haiti’s USD1 billion outstanding debt to international financial institutions, according to the website of U.S. Senator Chris Dodd (D-Conn.)
The Haiti Debt Relief and Earthquake Recovery Act of 2010, which was originally penned by Dodd and Sen. Richard Lugar (R-Ind.) also instructs IFIs to offer grants instead of loans to Haiti. It also urges the Obama administration to support plans to create an international trust fund for the earthquake-devastated country.