Banks have been closed since the earthquake on January 12th. Slowly, banks and money transfer establishments have been reopening but with a limit on the amount of money that can be withdrawn in order to prevent collapse. Haitians are having trouble even getting funds, but if they manage to obtain them, the prices of necessities have tripled. Inflation is this poor country is becoming an increasingly bigger issue.
The economy relies on remittances from family and friends earning wages abroad. With the infrastructure in turmoil, families are unable to get the money they need to survive. The government, not unlike its struggling people, must now use international aid coming in wisely to repair the far-reaching damage of the earthquake.
It is terribly unfortunate what happened to Haiti and for an already struggling economy, I see no positive end in sight. If the devastations from Hurricane Katrina still affect Louisiana today, the damages in Haiti are tenfold.
ReplyDeleteIt is important for other countries to provide as much stability and support to Haiti especially to try and offset the unbelievable rates of inflation affecting basic goods like rice or bread. Furthermore it is important for the U.N. Development Program to stimulate employment opportunities and they will need to increase such efforts for the people of Haiti to even begin a recovery.