Haiti's external debt

Okay kiddo, so imagine you have a piggy bank where you keep your allowance money. Now let's say you borrowed some money from a friend to buy a toy you really wanted, and you promised to pay them back. That's kind of like what happened with Haiti's external debt.

Haiti is a country that needed some money to help make improvements and do things like fix roads and buildings. So, they asked other countries and banks to lend them money. Some of these lenders were happy to help, but they expected to be paid back with interest (which is like an extra fee for borrowing the money).

Over time, the amount of money Haiti owed to these lenders started to grow, and they found themselves struggling to make the payments. It's kind of like how your piggy bank would be empty if you had to keep paying your friend back all of your allowance money every week.

Now, Haiti owes a lot of money to different countries and banks, and it's hard for them to keep up with paying back all of the money they owe. This is a big problem because it means Haiti has less money to spend on things like helping their people, improving their country, and recovering from disasters like earthquakes and hurricanes.

So, Haiti is working with some of their lenders to try and reduce the amount of money they owe, so they can better manage their finances and focus on the things that matter most. It's kind of like trying to negotiate with your friend to pay them back a little bit less money each week, so you can still have some allowance left over to save or spend on something else.

Overall, Haiti's external debt is just the term used to describe the money they owe to other countries and banks, and it's a complicated issue that requires a lot of attention and effort to resolve.