Dáil Éireann Debate, Thursday - 19 November 2015
8. Deputy Bernard J. Durkan asked the Minister for Public Expenditure and Reform the extent to which he expects his Department to continue to meet deadlines, and to continue to play an important part in economic recovery, with particular reference to the need to ensure stability and sustainable economic growth across the country; and if he will make a statement on the matter. [40575/15]
Amharc ar fhreagraThe Deputy's question highlights the pivotal role played by my Department in supporting the delivery of Government priorities such as securing fiscal stability, sustainable economic growth and social progress.
My Department has played a key role in ensuring that Ireland continues to meet its key fiscal targets. As a result of the fiscal policies of this Government and the efforts of the Irish people Ireland is due to exit the corrective arm of the Stability and Growth Pact (SGP) at the end of this year and will transition to the preventive arm of the SGP.
Sustainable fiscal policy will be anchored in the future by adherence to the new fiscal rules which require that Ireland makes the appropriate adjustment each year towards achieving its medium term budgetary objective (MTO), a balanced budget in structural terms.
As Ireland is subject to the corrective arm of the SGP in 2015, economic growth and greater than expected tax receipts have allowed the Government to improve services in a number of key areas while remaining firmly within our fiscal parameters. The extra funding of €1.6 billion for gross voted expenditure in 2015 has allowed Government to target additional expenditure in areas experiencing increased demand and to growth enhancing capital expenditure.
The Capital Investment Framework published by my Department set out a €27 billion multi-annual Exchequer Capital Investment Plan. This Plan is supported by a programme of capital investment in the wider State sector. This investment over the period 2016 to 2021 will help to lay the foundations for continued growth.
The Capital Plan reflects the Government's commitment to supporting strong and sustainable economic growth and raising welfare and living standards. The Plan identified critical areas for investment over the 2016-2021 period with an allocation of €3 bn to support the Social Housing Strategy 2020 and a further €3 bn in support of health to deliver major infrastructural projects such as the new National Children's Hospital, which will be the largest health infrastructure project ever undertaken in Ireland.
As the economy continues to recover we will look to build upon the significant and wide-ranging civil and public service reforms implemented over recent years which have added efficiency and effectiveness to the way in which our public services are delivered and must continue to do so.
