Dáil Éireann Debate, Wednesday - 18 September 2013
171. Deputy Andrew Doyle asked the Minister for Finance if he will outline the parameters of the medium-term economic plan for Ireland once we exit the international bail-out programme; and if he will make a statement on the matter. [37272/13]
View answerThe enhanced budgetary architecture introduced over recent years means that, even after exiting the EU-IMF Programme, Ireland will still be subject to further requirements under the terms of the Fiscal Compact and to the new economic governance regime that has been brought in at European level as a result of the crisis. On the budgetary side, this includes requirements to reduce the General Government deficit to below 3 per cent of GDP by 2015 and achieve a structural balance in the medium term, while also taking action to reduce our General Government Debt to GDP ratio.
As we move out of the Programme and, subsequently, out of Excessive Deficit Procedure in 2016, a multi-annual fiscal sustainability plan will ensure the full benefits of our budgetary efforts are secured and that our continuing obligations, both under the Fiscal Responsibility Act, 2012 and at a European level, are met.
The Medium-Term Economic Strategy is therefore intended to cover the period 2014-2020 and will address macroeconomic and fiscal challenges in the post EU-IMF Programme period, reflecting the Programme for Government’s focus on growth and employment.
