MIAMI -- The World Bank and the International Monetary Fund have approved $1.2 billion in debt relief for Haiti.
The bank announced the relief Tuesday after its board met in Washington.
The relief cancels Haiti's debts to the two multilateral organizations and the Inter-American Development Bank and amounts to nearly two-thirds of the Caribbean country's total debt.
As of April, Haiti's debt was more than $1.9 billion, according to the Washington-based Center for Economic and Policy Research.
The World Bank and the International Monetary Fund added Haiti in 2006 to their heavily indebted poor countries debt cancellation program. The Inter-American Development Bank previously approved debt relief for Haiti, pending its completion of that program.