Citi Field

Haiti’s debt to France originates from its struggle for independence and subsequent demands from France. After gaining independence in 1804 following a successful slave revolt, Haiti became the first Black republic and the first country to abolish slavery in the Americas. However, in 1825, under threat of invasion and economic isolation, Haiti agreed to pay France 150 million francs (equivalent to billions today) as “compensation” to former French slaveholders for the loss of their property, which included enslaved people.

This indemnity devastated Haiti’s economy. To meet payments, Haiti borrowed from French banks at high interest rates, creating a debt cycle that burdened the country for over a century. The debt was only fully repaid in 1947, draining Haiti’s resources and limiting its economic development. This forced debt and the long-term financial burden have left a lasting impact on Haiti’s economy, contributing to its current struggles with poverty and underdevelopment.