The International Monetary Fund (IMF) refuses any debt-relief for the hurricane-devastated Caribbean island of Barbuda, after a 500-year Monster storm ravaged its buildings and infrastructure.
Barbuda lost more than 90% of its structures in a record-breaking storm that will require $150 million in reconstruction and recovery. A single sovereign state was formed by Antigua & Barbuda. Antigua was spared by Irma, but Barbuda got the eye of the storm over its community like a bomb.
Jubilee USA has set up a petition to the IMF, requesting for a temporary moratorium on outstanding debt payments for the Caribbean Islands struck by Irma. A separate petition will be sent to the White House & Congress, for the USA to help U.S. territories Puerto Rico and the Virgin Islands in the form of grants rather than loans.
Barbuda has to repay a $3 million debt to the IMF, whose special representative to the United Nations (UN), Christopher Lane resisted the idea of a moratorium on Friday. The IMF needs to borrow money from its members in order to finance lending parties.
Washington Post / AA Magnum Analyst Blog Site News 2017.