Thomas P. Broughan
Question:77 Mr. Broughan asked the Minister for Finance in view of recent comments in Germany, the estimated Debt to Gross Domestic Product ratio by late 1997. [2421/94]
Written Answers. - General Government Debt to GDP Ratio.
On European Community definitions, the ratio of General Government debt to Gross Domestic Product at end 1993 is estimated at 96.1. Its subsequent evolution will depend on a variety of factors which are difficult to predict accurately. However the ratio is expected to decline significantly during 1994; and as stated in Ireland's Convergence Programme 1994-96, the General Government deficit will be contained within 3 per cent of GDP. This will continue to keep the debt ratio on a downward path at a satisfactory pace.
On 19 September last, the EU Council of Finance Ministers welcomed Ireland's Convergence Programme. It noted the strong performance of the Irish economy including the sound fiscal position and the continued reduction in Ireland's debt ratio. The Council also welcomed the firmly expressed commitment of the Irish Government to continue to pursue policies conforming to the requirements for moving to stage 111 of European Monetary Union.