Helen Keogh
Question:71 Ms Keogh asked the Minister for Foreign Affairs the steps, if any, the Government is taking to promote Ireland's policy in relation to indebtedness by Third World Countries; and if he will make a statement on the matter.
Written Answers. - Policy on Third World Countries.
I am fully aware of the problems arising from the heavy burden of debt carried by many Third World countries and accept that this can be a major obstacle to their economic development. In sub-Saharan Africa the problem of debt-servicing is particularly acute.
The problem is such that remedial action at international level is required and discussion is going on in various institutions. The role which the Irish government can play is to support the efforts being made by these institutions to resolve the problem. We are doing our best to plead the case of developing countries through our membership of the World Bank and the International Monetary Fund.
Last week, at the meeting of the IMF and World Bank in Washington, the Minister for Finance called for a debt relief package to be formulated for the poorest regions, in particular sub-Saharan Africa, that would at least be in line with the so-called "Trinidad" terms which call for two-thirds of the debt of low-income developing countries to be written off.