Dáil Éireann debate -
Tuesday, 23 Jun 1998

Vol. 492 No. 7

Written Answers. - Debt and Development Coalition.

Michael P. Kitt

Question:

138 Mr. M. Kitt asked the Minister for Foreign Affairs the submission, if any, he has received from the Debt and Development Coalition on writing off debts of the most impoverished nations by the year 2000; and if he will make a statement on the matter. [15065/98]

Minister for Foreign Affairs (Mr. Andrews)

There is frequent contact between the Department of Foreign Affairs and the Debt and Development Coalition, including regular meetings to discuss current issues regarding the debt situation of developing countries. We have received submissions from them on the subject of the debt problem of the most impoverished countries and are aware of their concerns on this subject and their support for the Jubilee 2000 campaign, which advocates the cancellation of the unpayable debt of the poorest countries by the year 2000.

The Government is deeply concerned about the debt problem of the poorest and most indebted countries and the serious constraint which unsustainable debt burdens impose on their economic and social development.

Ireland has consistently used the relevant international fora to emphasise the need to find ways to address the debt problem of the poorest countries and to call for the consideration of all options. The HIPC Initiative, the debt initiative for highly indebted poor countries, represents a significant step forward on the part of the international community in seeking to address the debt burden of the most heavily indebted poor countries. It has the potential to make a significant contribution to the resolution of their debt problem. However, there has been limited progress to date in implementing the HIPC Initiative and its implementation would need to be accelerated if it is to have an appreciable impact on the debt situation of the poorest and most indebted countries by the year 2000.

Ireland has called for the speedier implementation of the HIPC Initiative and for its application to as wide a range of heavily indebted poor countries as possible on the most flexible terms achieveable. We will continue to advocate its speedy implementation and will seek to ensure that the most favourable decisions possible will be taken in the implementation phase for the benefit of the indebted countries.

The Jubilee 2000 campaign for debt remission is primarily directed at the larger creditor countries and the multilateral financial agencies. Ireland, as a non-creditor country, is not directly party to the debt problem but we have urged maximum flexibility by creditor countries and institutions in addressing the problem of unsustainable debt levels.

Ireland has recently made a bilateral commitment to donate $5 million towards debt alleviation in Mozambique, an Irish Aid priority country which is among the most heavily indebted of the least developed countries, and consideration is being given to our also contributing to debt alleviation in Tanzania.

In addition to such practical bilateral initiatives on our part to address the debt problem, we will also continue to use or influence at the multilateral level to press for a just and comprehensive long-term solution to the debt problem of the poorest developing countries, in the interests of their economic and social development.