Dáil Éireann Debate, Tuesday - 20 June 2023
237. Deputy Réada Cronin asked the Minister for Finance if he will outline the specifics of how Ireland 'positively influences' the IMF in the context of overseas aid; and if he will make a statement on the matter. [29075/23]
View answer238. Deputy Réada Cronin asked the Minister for Finance if he will outline how Ireland challenges any conditionality in IMF programmes that undermines our own, stated commitment to public services, our own aid programme and those concerning women's rights in particular; and if he will make a statement on the matter. [29076/23]
View answer239. Deputy Réada Cronin asked the Minister for Finance if Ireland will conduct an assessment of the impact of IMF programmes in the context of both gender and human rights; if Ireland will examine whether or how they undermine Irish Overseas Aid objectives; and if he will make a statement on the matter. [29077/23]
View answerI propose to take Questions Nos. 237 to 239, inclusive, together.
The IMF promotes international monetary co-operation and provides policy advice, technical assistance and loans to help countries build and maintain strong economies. It also helps countries design policy programmes, where necessary.
Ireland is one of 190 member countries and we work proactively with other members and the IMF in order to shape and support the achievement of these strategic objectives.
As the Minister for Finance, I represent Ireland on the IMF Board of Governors.
Ireland is also represented on the Executive Board of the IMF through one of its 24 constituencies. In addition to Ireland, our constituency includes Canada and a number of Caribbean nations.
It is through the Board of Governors (in the case of high level policy) and the Executive Board (in the case of the administration of programmes) that Ireland inputs into and influences the work of the IMF. This provides the opportunity to review, challenge (where appropriate) and seek alignment with our international development policies – including the areas of gender equality, climate action and reduced humanitarian need.
Given the scope and scale of supports provided by the IMF, it would not be feasible for a single member country to carry out a meaningful review of their impact. Instead Ireland works with other member countries as part of the Executive Board to input into reviews and further our international development policies.
The provision of overseas aid is a core focus of multilateral development banks such as the World Bank, with which the IMF works closely. In April of this year I attended the IMF-World Bank Spring Meetings in Washington that provided valuable opportunities to engage on an international basis, and allowed Irish representatives and senior management in both the IMF and World Bank to consider many of the complex challenges currently facing the world economy such as high inflation, rising debt levels and global fragmentation.
At the Spring Meetings, I announced a €24 million contribution to the IMF's Poverty Reduction and Growth Trust (PRGT). The PRGT fund allows the IMF to provide zero/low interest loans to the poorest countries. It is important that Ireland continues to play its part in terms of helping vulnerable countries access affordable finance, which is key to assist in their response to economic and food crisis situation worsened by Russia's war of aggression against Ukraine.
In October this year, the Annual Meetings of the IMF and World Bank will take place in Africa for the first time. This will again provide an important opportunity for Ireland to engage with the IMF, to reiterate our ongoing commitment to multilateralism, and to influence the important work of these multilateral institutions.
