IMF cancels Haiti's debt

The International Monetary Fund (IMF) said it has cancelled Haiti's $268m (€207m) debt and will lend the earthquake-devastated country another $60m (€46m) to help it with reconstruction plans.

The IMF said the decision is part of a plan for long-term reconstruction after the January 12 quake, which killed as many as 300,000 people.

The new three-year loan carries a zero interest rate until 2011 which then rises to no more than half a percent.