Dáil Éireann Debate, Tuesday - 12 April 2005
337 Mr. Lowry asked the Minister for Finance if he will consider the views expressed in correspondence (details supplied) when he attends the IMF-World Bank spring meetings in April 2005; if he will build on previous work in 2002 and encourage the sale of IMF gold to fund debt cancellation; and if he will make a statement on the matter. [10092/05]
View answerI refer the Deputy to my reply to the House on this subject on 8 March 2005 and to subsequent questions on the same subject. In those answers, I said that adequate financing for debt relief is essential to help reduce poverty in many parts of the world. It is important to adequately finance the relief of debts owed to the International Monetary Fund in order that the fund can continue to play a role in the poorest countries. The managing director has stated that he will, as requested, bring forward proposals at the spring meetings, covering the fund's gold and other resources. These resources are part of the assets of the IMF. These proposals are awaited and they will be assessed when available, not least from the need to ensure that the IMF has the resources necessary to carry out its critical functions in future.
The sale of part of IMF gold reserves to cover the costs of additional debt relief has been proposed, in addition to a number of other mechanisms, to fund the relief of the debts of poor countries. Agreement on any such mechanisms may be problematic given possible opposition by certain states to gold sales.
