Congressman Gregory W. Meeks Delivers Haiti Debt Relief Bill on House FloorMeeks Managed Passing of Bill that Will Cancel Haiti's Foreign Debts

(WASHINGTON, DC)– Congressman Gregory W. Meeks (NY-6), Senior Member of the House Committee on Financial Services and Chairman of its Subcommittee on International Monetary Policy and Trade, applauded today’s unanimous passing of H.R. 4573, the Haiti Debt Relief Bill. This bill calls for the U.S. to cancel Haiti's debts to the World Bank, the International Monetary Fund (IMF), the Inter-American Development Bank (IDB) and other international institutions.

“I am extremely pleased with the passing of this bill to cancel all foreign debt owed by the country of Haiti. The people of Haiti need our support now more than ever. I convened a subcommittee hearing last week and brought representatives from the Treasury Department and major non-governmental organizations to discuss the process of bilateral and multilateral debt relief for Haiti to bring about long term recovery. It is critical that we explore all necessary financial options to bring assistance to the thousands of Haitians that were affected by this natural catastrophic disaster,” stated Congressman Meeks.

According to the U.S. Department of the Treasury, Haiti still owes a total of $709 million in debts to multilateral financial institutions, including $447 million to the Inter-American Development Bank, $165 million to the IMF, $39 million to the World Bank, and $58 million to the International Fund for Agricultural Development. According to the Treasure Department, Haiti owed Venezuela $167 million and Taiwan $92 million at the end of September, 2008. The cancellation of Haiti’s debts to multilateral development institutions will allow the country to focus on financial resources on much needed reconstruction and development efforts.

“This past February I introduced a bill calling for the establishment of a Haiti Marshall Plan Committee that will have representatives from international development banks, international financial institutions, United States bilateral aid programs, and major international charities and nongovernmental organizations to coordinate aid and development initiatives in response to the earthquake that struck Haiti on January 12, 2010. Next week I will chair a subcommittee hearing on Rebuilding Haiti’s Competitiveness and Private Sector that will focus on the medium and long term plans for Haiti’s reconstruction and economic recovery,” stated Congressman Meeks.

Congressman Meeks also added, “The country of Haiti needs to focus on recovery and reconstruction efforts for long term recovery and not be concerned about the foreign debts that it owes.”

Now serving in his sixth full-term, Meeks was elected to the House on February 3, 1998. Representing New York's Sixth Congressional District in the United States House of Representatives, Meeks' district covers all towns of Southeast Queens, Far Rockaway and Howard Beach. He is a member of the House Committee on Financial Services and the Committee on Foreign Affairs. Congressman Meeks is the Chairman of the International Monetary Policy & Trade Subcommittee of the House Financial Services Committee. He is a Member of the Congressional Black Caucus (CBC), New Democrats Coalition and the Democratic Leadership Council (DLC). He serves as the Co-chair of the Malaysia Caucus, Services Caucus, Dialogue Caucus, OAS Caucus and the Middle East Economic Partnership Caucus.