Michael D. Higgins
Question:24 Mr. M. Higgins asked the Minister for Finance the reforms his Department favours in the Bretton Woods institutions; and if he will make a statement on the matter. [27481/00]
Written Answers. - Bretton Woods Institutions.
Ireland has been active in seeking reform of the Bretton Woods institutions, in a variety of areas, over the past number of years.
I would like to draw Deputies' attention to the issue of country representation at the Institutions. A review of the quota allocation is about to commence in the IMF and I expect will be followed by one in the World Bank. I am in favour of a greater say for the emerging and poorer countries. There are a number of ways in which this might be achieved – through quota adjustment, board representation or enhanced involvement in decision making generally. In addition a vital aspect of the whole reform programme, and one which we fully support, is more consultation with the developing countries both at governmental and civil society level.
On the issue of debt relief, the House will be aware that I am a strong advocate of greater speed and flexibility in implementing the enhanced HIPC initiative. With our co-constituents of Canada and the Caribbean countries we have been pressing for reforms in order to bring faster and more effective progress on poverty reduction.
In this context I stressed in my contribution to the recent annual meetings in Prague that the parameters of the HIPC initiative should be kept under review, with a view to appropriate remedial action where necessary.
On the issue of transparency Ireland has always been a supporter of greater transparency in the operations of the institutions. I am glad to say that this view is now prevailing and I welcome the extent to which progress has been made and will continue support further reforms in this area.
Finally, I support greater co-operation between the World Bank and the IMF. Both institutions are aware of the necessity for better co-operation and the need to rationalise their own operations and this is being addressed. In addition I support greater co-operation across the range of multilateral institutions and this, too, is now being addressed.