Washington ( CNN ) -- The executive board of the International Monetary Fund approved Wednesday the cancellation of Haiti 's $ 268 million debt to the fund . The board also approved a three-year request by authorities to support Haiti 's reconstruction and growth program . The decisions are part of an effort to support Haiti 's longer-term reconstruction plans after the January 12 earthquake , which killed more than 220,000 people , destroyed 60 percent of government infrastructure and left more than 180,000 homes uninhabitable . Six months later , more than 1.5 million remain in overcrowded displacement camps . `` The new program provides a strong and forward-looking framework to support economic stability and reconstruction in the country , and will also help catalyze donors ' contributions , '' the IMF said in a posting on its website . The debt relief is expected to help Haiti meet balance-of-payments needs worsened by the earthquake . `` Improving the business environment and fostering private credit and investment will be essential to support growth , '' said Charles Castel , governor of the Bank of the Republic of Haiti . `` The fund 's technical assistance will help rebuild economic institutions and build capacity . '' The earthquake resulted in losses estimated at 120 percent of 2009 GDP , the posting said . It struck at a time when the impoverished country 's outlook was improving . Last year , Haiti 's growth reached almost 3 percent , the second-fastest rate in the Western Hemisphere . Since the quake , a fragile recovery has been taking place . Agricultural production , construction and textile manufacturing are supporting economic activity , the posting said . And remittances , which grew by 12 percent between January and May of 2010 over the previous year , are supporting consumption and imports . Though the trade deficit is widening , exports are recovering , it said . GDP is projected to expand by 9 percent in fiscal year 2011-12 , due mostly to reconstruction activity , and by 6 percent by 2015 . Inflation is expected to reach 8.5 percent during the current fiscal year and to drop to 7 percent by 2013 . In March , the international community pledged $ 9.9 billion to Haiti 's reconstruction , of which $ 5.3 billion is to be disbursed over the coming 18 months . But last week , a CNN investigation found that most governments that had promised money to the special fund had not delivered the cash . Less than 2 percent of the $ 5.3 billion promised had been handed over to the Interim Haiti Recovery Commission . Only four countries had paid anything at all to the commission : Brazil , Norway , Estonia and Australia . The United States has pledged $ 1.15 billion but had paid nothing , with the money tied up in the congressional appropriations process . Venezuela has promised even more -- $ 1.32 billion . It too had paid nothing , though it had written off some of Haiti 's debt . Still , many governments and aid agencies have given money to Haiti through means other than the Interim Haiti Recovery Commission . For example , the U.S. State Department said it has given about $ 675 million through the U.S. Agency for International Development . Altogether , about $ 506 million had been disbursed to Haiti since the donors ' conference in March , said Jehane Sedky of the U.N. Development Program . CNN compiled the information by reviewing commission figures and surveying the donors that had made pledges . No countries told CNN they do not plan to deliver the money eventually . The pledges are for fiscal year 2010-2011 , so the donors have until the middle of next year to get the funds to the Haiti recovery commission , Sedky said .
IMF cancels Haiti 's debt to the fund . The board also reviews plans for reconstruction and development . The decisions are part of an effort to improve Haiti 's longer - term reconstruction plans .