Pres. Barack Obama WASHINGTON (NNPA) - President Obama has signed into law a bill calling for the United States to take the lead in forgiving debt owed to international lenders by earthquakeravaged Haiti.

The bill, signed April 26, urges major multinational institutions to cancel all debt owed to them by Haiti and recommends that all aid to the country for the next five years be provided in the form of grants rather than loans.

“The President’s signature on this bill is further indication of the United States’ support for the people of Haiti,” Congresswoman Maxine Waters (D-Calif.), who sponsored the House version of the bill, said in a statement.

The bill was approved in the House on April 14 and passed the Senate earlier in April.

Under the measure, the Treasury Department is required to instruct U.S. executives at the International Monetary Fund, the World Bank and other institutions to use the force and influential power of the United States to cancel Haiti’s debt.

The bill calls for Haiti to receive aid in the form of grants until Feb. 1, 2015. Following that date, multilateral development institutions may resume aid in the form of new loans.