Haiti was forced to borrow 90 million francs from French banks to pay France for its independence, creating a debt that consumed over 80% of Haiti's national budget for 122 years (until 1947), severely limiting the country's ability to invest in education and infrastructure development.
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Imagine spending 80% of your country's budget for over a century just to pay for your own freedom.Added:
But Haiti didn't have 90 million francs.
So, they borrowed it from French banks to pay France.
Haiti borrowed money from the people they owed money to.
The gold went to France, and the debt stayed in Haiti.
For the next several decades, over 80% of Haiti's national budget went to debt repayment instead of education or infrastructure.
Haiti didn't finish paying off this debt until 1947, 122 years later.
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