Jimmy Deenihan
Ceist:234 Mr. Deenihan asked the Minister for Finance the outcome of the IMF and World Bank meetings held in September 1999 in Washington; and if he will make a statement on the matter. [24904/99]
Written Answers. - IMF and World Bank Meetings.
The most significant item at this year's annual meetings was the endorsement by the interim committee and the development committee of significant enhancements and reforms to the HIPC initiative for those countries pursuing sound policies and committed to reform. The interim committee was re-named the international monetary and financial committee at the 1999 annual meetings. Ireland supports these enhancements, which involve lowering the debt sustainability thresholds, providing faster debt relief, shifting the focus of the initiative toward poverty reduction, and increasing, the number of countries expected to be eligible for debt relief.
The most succinct summary of the annual meetings of the IMF and World Bank are contained in the communiqués issued by both institutions immediately after the annual meetings. It is not my intention to paraphrase these here. Instead, I have placed copies of both communiqués, and a copy of the joint statement of the co-chairmen of the interim and development committees, in the Dáil Library, together, with a copy of my address to the annual meetings.
The joint communiqué of the interim and development committees deals with the HIPC initiative, and in particular with the enhancements made to this. It focused on three main areas: first, the reforms required to deliver deeper, broader and faster debt relief; second, strengthening the focus on poverty reduction in bank and fund programmes; and third, an overview of the financing arrangements that will allow the enhanced HIPC initiative to start.
In the context of poverty and development generally, both the World Bank and the IMF have signed up to an integrated approach based on poverty reduction. This is a very significant development which we have supported and, along with other members, we will be monitoring, how it develops in practice.