What effect did the action of the IMF (International Monetary Fund) in Haiti have on prosperity for the people there?
In 2018, the IMF created a plan known as the Article IV Consultation Mission to funnel funds over a three year span to Haitian officials and agencies, an effort to reduce corruption and bolster the economy. The island nation of Haiti has historically been impoverished with a low GDP, high unemployment numbers, fragile infrastructure, and a notoriously corrupt government. When the Haitian earthquake hit in 2010, the nation plummeted into complete chaos and inflation quickly collapsed the economy.
Haiti is an island nation in the Caribbean that shares a landmass with the Dominican Republic. The country has a free market economy but has historically been considered a third-world nation owing to its precipitously low per-capita Gross Domestic Product (GDP), which as of 2017 was only $1,800. Haiti is considered one of the poorest countries in the Americas and is notorious for its political corruption, nepotism, and general instability. Its citizens lack access to basic healthcare and education, and unemployment has remained high.
Haiti’s economy was at an all-time low in the early 2000s, and the nation needed more international aid. However, Haiti’s aid from the US was slashed in 2000 following the country's undemocratic and corrupt election. In September of 2009, the International Monetary Fund (IMF) agreed to add Haiti with the World Bank’s Heavily Indebted Countries Program, which allows countries who qualify to cancel all of their external debt. Things...
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