IMF Approves $114 Million for Quake-hit Haiti

"Haiti’s needs are massive and pressing. The international community has responded fast and has already mobilized substantial resources for the relief and recovery effort," said IMF Managing Director Dominique Strauss-Kahn.

The January 27 decision will give the Haitian government immediate funds to help restore basic financial services and begin to rebuild the country. The decision from the IMF means the authorities can get cash circulating in the economy so that people can buy food and employees can be paid. The funds will also help Haiti pay for urgently needed imports.

The emergency IMF assistance carries highly concessional terms. It is interest free and repayments of principal are only due after a 5 1/2-year grace period. The financing is not subject to any additional policy conditions.

International community mobilizes support

The massive earthquake that struck Haiti on January 12 left parts of the country and much of the capital city Port-au-Prince in ruins and casualties number in the tens of thousands. The Haitian government has appealed for international help to support its plans to rebuild the country and its economy.

"The Fund is participating in the coordinated international effort to...