asked the Minister for Finance if he will make a statement on the latest quarterly reports of the Central Bank and the ESRI in so far as these reports relate to the public expenditure targets of the Government for 1989.
Ceisteanna—Questions. Oral Answers. - Central Bank-ESRI Reports.
44.
The Central Bank report states that, while progress in fiscal adjustment has undoubtedly been made in 1987 and 1988, a considerable degree of adjustment is inevitable in future years. While the ESRI report tends to be over-optimistic in its assessment of the prospective opening budgetary position for 1989, it too accepts that the borrowing requirement needs to be reduced further.
The best advice available to me is that a further budgetary adjustment, involving sizeable expenditure cuts, and probably of the same magnitude as in 1988, will again be required in 1989. Obviously, economic and financial trends, both at home and abroad, will have a bearing on the level of adjustment eventually required. Nevertheless, it would be unrealistic to expect that these will substantially mitigate the scale of adjustment needed to continue to make satisfactory progress towards achieving the targets set out in the Programme for National Recovery for stabilising the Debt/GNP ratio.
That disposes of questions both ordinary and priority for today. Shall we resume now on the Intoxicating Liquor Bill, Committee Stage? Is it necessary to adjourn? We are slightly ahead of time.
We were discussing a group of amendments and I see none of the Deputies who proposed them here.
I do not think it necessary——
It might not be necessary to suspend the sitting. We have a little over five minutes left. Deputy Colley, we are asking if we are ready to proceed with the Intoxicating Liquor Bill and the appropriate amendments.
Am I the only spokesperson here?
(Interruptions.)
I will do my best to reply.
All right, we will resume on the Intoxicating Liquor Bill and amendment No. 5.