IMF to provide $114 million in crisis aid to Haiti

The International Monetary Fund has said it was rushing $114 million in emergency aid to Haiti this week to help it cope with the aftermath of a devastating earthquake.

The International Monetary Fund has said it was rushing $114 million in emergency aid to Haiti this week to help it cope with the aftermath of a devastating earthquake.

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The IMF executive board approved an increase of $102 million to Haiti's Extended Credit Facility, the Washington-based institution said in a statement yesterday.

The additional money "will help Haiti cope with the aftermath of the massive and disastrous earthquake that struck the country on January 12," it said.

"With the approval of this additional financing, a total of 114 million dollars will be disbursed by the end of this week, constituting the largest amount made available so far to the Haitian authorities after the earthquake."

Up to a million people were left homeless and destitute by the 7.0-magnitude January 12 quake, which destroyed much of the capital city of the impoverished Caribbean nation and left 1,50,000 dead.

The IMF said that the emergency augmentation would provide urgently needed financing for essential imports, and make cash available to banks and transfer houses.

It also would enable the authorities to maintain an adequate reserves cushion in the face of massive import needs linked to reconstruction.