I propose to take Questions Nos. 187 and 188 together.
I fully support the Government position on the issue of developing countries debt and my address to the annual meetings of the World Bank and the International Monetary Fund does not conflict with that. As co-authors of Ireland's debt strategy document, my Department was actively involved in formulating the Government position on developing country debt.
Since the launch of the debt strategy, Irish officials have had consultations in Washington with the Bretton Woods Institutions. In addition, the debt strategy document has been forwarded to Ireland's representatives at the IMF and the World Bank in advance of the annual meetings of these institutions. We have actively promoted our policy internationally at both political and official level. The Deputy can be assured that the international community has been made aware of Ireland's policy on developing country debt. I draw attention to the Taoiseach's address to the World Summit on Sustainable Development where he articulated Ireland's policy in relation to cancellation of developing country debt.
My Department, in close co-ordination with Ireland Aid, will continue to promote our views on debt relief in all relevant international fora. We will also continue to monitor closely developments in the HIPC initiative process and to participate actively in all relevant international meetings. Our debt strategy will guide us as we seek to ensure that the HIPC countries' efforts to achieve the millennium development goals are not inhibited by a continuing high level of debt and that a sustainable exit from the debt treadmill is secured.
I remind the Deputies of the Government position in relation to debt cancellation, as stated in our debt strategy document. We have concluded that in principle the total cancellation of the debts of the heavily indebted poor countries is a politically acceptable objective and one that we would support. Total cancellation would, however, have to be funded largely through additional donor contributions. In order to mobilise the necessary funds for total debt cancellation, a greater number of donors, particularly the larger economies, would have to increase their ODA more rapidly and take concrete steps to meet the UN target of 0.7% of GNP on ODA.