Forgiving Foreign Debt

[erpowers]

What would happen if the International Monetary Fund (IMF) and the World Bank forgive the debt or most of the debt of third world countries like Haiti and Jamacia? I am asking because I was wondering if the IMF and the World Bank should forgive all or some of the debt of third world countries? After thinking about the debt issue I wondered what would happen if the debt was forgiven? My thinking was should the IMF and the World Bank forgive any debt that was gained in attempts by newly freed countries to build economies?

I would like to point out that I am not against giving loans to countries or making countries pay back their loans. I just think that maybe there should be a difference between loans used to try to build economies and loans used for other reasons.