In the News

Taiwan to pay interest on Haitian debt

• Publication Date：03/11/2010
• Source： China Times

The central government is considering a plan to help pay Haiti’s interest on debts owed to Taiwan creditors, to aid in the earthquake-devastated nation’s recovery.

In response to an international appeal, it has been initially confirmed that the Ministry of Foreign Affairs will draw up a budget to pay interest on the debt over the next three to five years, while the Caribbean ally will be allowed to defer payment on the principal.

The plan has been submitted to the Executive Yuan for further assessment, and will be finalized in the next one to two weeks.

Foreign Affairs Minister Timothy Chin-tien Yang said the ministry is not able to fully exempt Haiti’s loans, as the debt holders are commercial banks. But the Taiwan government will do its best to prolong the payment period for Haiti, by way of interest reduction and debt restructuring.

The MOFA will discuss details with the Executive Yuan, the Central Bank of the Republic of China and commercial bank creditors, once the proposal is approved.

Yang’s comments came following a tea party to honor major groups collaborating with the government on relief work in Haiti, including the Special Search and Rescue Team of the National Fire Administration under the Ministry of the Interior, the Red Cross Society of the Republic of China, Taiwan International Cooperation and Development Fund and Taiwanroot Medical Peace Corps.

The event was attended by Minister Mario Chouloute, Haitian representative to Taiwan, along with various other international guests. (TYH-THN)