Debt In Haiti Essay

688 Words3 Pages
Debt accounts for the poverty of many poor nations. Owing money prevents a nation to provide aid in any form to the poor within their borders. High interest rates imposed by powerful nations on developing nations is the main reason why many developing nations fall to the clutches of poverty. Since gaining independence many nations have become in debt, requesting foreign loans to aid in their development. The accumulating debt becomes a noose around the throats of these nations as they do not have the ability to improve not only their economy but aid their citizens. Haiti is one these nations, a nation whose citizens live in utter poverty, infant mortality rate, illiteracy and numerous other issues has left this nation in decline. Since its…show more content…
The French demands for war reparations for the loss of its prominent colony led to Haiti owing the French Republic in today’s currency 21 billion dollars. Resulting in the new established Haitian government to dedicate all available funds in repaying France instead of focusing in the development of its infrastructure, economy, and resources. Leaving Haiti in a stagnant position that worsen when the country fell under the regime of the Duvalier’s, father and son. Under their leadership the nations incurring debt more than tripled, as they pocketed foreign aid. Corruption became the secondary factor that plunge the nation to the state of extreme poverty it currently is in. The declining environment due to the lack of upkeep by the government has led to a much greater issue, hunger. The Haiti government has appropriate funds from other programs to continue paying the debt it currently holds. Funds that could have otherwise aided in programs to assist the poor. Contrary to the United Arab Emirates, acquiring their independence without any conflict in 1971 from the British. Where able develop its economy, resources, and infrastructure with the discovery of oil, focused its new established revenue in these

More about Debt In Haiti Essay

Open Document