Vol. 515 No. 1
59 Mr. Durkan asked the Minister for Finance if sufficient regard has been had for possible increases in inflation within the lifetime of the national plan; if there are provisions for adjustment in the event of the change in economic circumstances; and if he will make a statement on the matter. [5215/00]
The investment of £40.6 billion under the national development plan – NDP – 2000-2006 is expressed in 1999 prices. Over the course of the plan, allocations will be adjusted in line with price developments, as appropriate.
However, it should be noted that the major level of investment proposed in the plan is based on the continuation of stable macroeconomic and budgetary policies. The Government is committed to this fundamental policy position. Therefore, the annual allocations and overall NDP commitment will have to be kept to a level that respects the public expenditure ceilings set by Government while taking account of wider budgetary priorities, including the stability and growth pact, and changing economic circumstances.
The priorities and multi-annual allocations in the NDP reflect the current assessment of the social and economic situation. Over a seven year period priorities may change in line with economic and social circumstances. Accordingly, implementation of the plan will be monitored by monitoring committees at operational programme level and at central level by the NDP/community support framework monitoring committee. The monitoring committees will have the flexibility as provided for in the plan to switch resources in light of the prevailing social and economic circumstances consistent with overall public expenditure policy.
