Fiscal Policy

Tuesday, 2 July 2024

Questions (172)

Joan Collins

Question:

172. Deputy Joan Collins asked the Minister for Finance if he shares the concern expressed in a pre-Budget 2025 submission by an organisation (details supplied) on levels of debt distress in low-income countries; if he will work at international levels and UN fora to follow the recommendations the organisation proposes, including debt cancellation, debt treatment alternatives, an end to IMF surcharges and an end to damaging conditionalities; and if he will make a statement on the matter. [28330/24]

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Written answers

Minister for Finance

The successive shocks which have hit the global economy in recent years continue to be felt. While there are positive developments, such as a possible inflection point reached in the global interest rate cycle as markets expect rates to begin falling, many debtor countries continue to experience challenges which is concerning.

Ireland is a strong supporter of the work of multilateral organisations, including the United Nations, the International Monetary Fund and the World Bank. Ireland is also a member of the Paris Club, a group of creditor countries which seeks to find coordinated solutions to debt sustainability challenges in borrowing countries.

The Dóchas pre-budget submission includes a range of recommendations which my Department will consider as Ireland continues to work in close coordination with other countries in seeking to address the challenges posed by debt distress in low-income countries.