Haiti Table of Contents
The nation's foreign debt was modest and manageable, in contrast to the foreign debts of neighboring countries. Total external debt was estimated at US$800 million in 1989; furthermore, the terms of Haiti's foreign debt--interest rates, maturity of loans, and grace periods--were extremely favorable. Nevertheless, the country's foreign debt doubled during the 1980s, and its debt-service payments, as a percentage of exports, increased from 6 percent to more than 15 percent. New International Monetary Fund (IMF) and World Bank lending during the decade boosted the share of national debt owed to multilateral organizations from 67 percent in 1983 to 74 percent by 1987. Bilateral agencies held 18 percent of the foreign debt, and private banks were responsible for the remaining 8 percent. The government of the Federal Republic of Germany (West Germany) had canceled a small bilateral debt owed by Haiti in 1985, and the Haitian government generally kept up payments to its other creditors. As of 1989, Haiti had not rescheduled its foreign debt.
Data as of December 1989