Vol. 559 No. 1
88 Mr. Stanton asked the Minister for Finance his plans to promote and realise Irish strategy in view of the missed opportunity to promote Ireland's debt strategy for HIPC's at the recent meetings of IMF and World Bank. [25362/02]
201 Mr. Perry asked the Minister for Finance his views on the new Irish debt policy; the reasons he did not communicate Ireland's new debt policy to the IMF and World Bank; the action he will now take to ensure that these bodies are aware of Ireland's debt policy; if he will instruct Ireland's representatives to the IMF and World Bank to promote Irish policy; and if he will make a statement on the matter. [25872/02]
I propose to take Questions Nos. 88 and 201 together.
Ireland's debt strategy for developing countries was launched in July 2002 by the Minister of State, Deputy Kitt. The Government has 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 meeting the UN target of 0.7% of GNP.
Since the launch of the debt strategy, officials from Ireland Aid have had consultations in Washington with the Bretton Woods Institutions. In addition, officials from my own Department forwarded the debt strategy document to Ireland's representatives at the IMF and the World Bank in advance of the annual meetings of these institutions.
I would also like to draw Deputies 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 at the highest political level. The Deputies can be assured that the international community has been made aware of Ireland's policy on developing country debt.
My Department, in close coordination 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 participate actively in all relevant international meetings.
Finally, I wish to reiterate that I fully support efforts to combat global poverty and I will continue to press for the implementation of a HIPC initiative that delivers on its aim of exit from unsustainable debt, and to urge the international community to implement commitments to the ODA target.
