Economy of Haiti of limited infrastructure and a lack of security. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. Haiti received debt forgiveness for over $1 billion through the Highly-Indebted Poor Country initiative in mid-2009. The remainder of its outstanding external debt was cancelled by donor countries following the 2010 earthquake but has since risen to over $600 million. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources. The Michel Martelly administration in 2011 launched a campaign aimed at drawing
James Michel observers. According to official results, President René and his Seychelles People's Progressive Front party won presidential and legislative elections in 2001 and 2002 respectively, with about 54% of the vote in both cases. After retiring from politics in 2016, Michel created the James Michel Foundation to fund and support projects that focuses on blue economy and climate change. After serving as Vice-President for nearly eight years, beginning in August 1996, Michel became President on Julh 14, 2004, when René stepped down. At that point, Michel was René's longest-serving cabinet minister. As President, he held the portfolios of Defence, Police, Information,