OPW: Office of Public Works
Oifig na nOibreacha Poiblí
MINISTER MANSERGH ADDRESSES IMF/WORLD BANK ANNUAL MEETINGS – CALLS FOR INTERNATIONAL COOPERATION TO PROMOTE GLOBAL GROWTH AND STABILITY AND ENSURE THAT PROGRESS ON TACKLING GLOBAL POVERTY IS NOT REVERSED.
Minister Martin Marsergh this evening addressed the Annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington.
The Minister said the meeting was taking place against a backdrop of extreme global economic and financial uncertainty. More than ever now it was important to have a strong IMF and World Bank working in cooperation with their members to promote global economic growth and stability. He said we must ensure that progress made in recent years towards achieving the Millennium Development Goals was not reversed.
Referring to recent financial market developments, the Minister strongly welcomed the interventions of other European Member States and countries worldwide to ensure stability within the financial system. He added that actions by individual countries and other groups – such as those announced by the European Heads of State and Government on Sunday night – are critically important in ensuring that policy makers go beyond a reactive approach to the difficult market circumstances. He said that Ireland is continuing to work with other EU member states, the Commission and the European Central Bank in the work to find an overall framework for addressing the financial crisis.
On development and aid issues, the Minister noted that Ireland’s contribution in recent years had increased substantially. This year Ireland will spend around 900 million euro on overseas aid. Proportionately this makes Ireland the sixth largest donor in the world. The Minister said that “Ireland’s aid programme has always focused on the poorest and most vulnerable. This focus will continue”. He welcomed the outcome of last month’s High level Forum on Aid Effectiveness in Accra and expressed confidence that the World Bank would fully play its part in implementing the Forum’s agreed actions. The Minister said that the constructive work in Accra is a solid foundation for the Doha Financing for Development Conference in November.
On debt relief, the Minister said that Ireland strongly supports debt relief for poor countries with unsustainable burdens. He noted that Ireland had recently made an additional contribution of 6 million euro to the Highly Indebted Poor Country (HIPC) Initiative as an indication of our continued support for the world’s poorest countries. Donor countries wished to see debt relief used well in making progress towards the achievement of the Millennium Development Goals and every effort should be made to ensure that progress made in meeting these goals is not reversed.
On the issue of increased voice and participation for developing counties in the IMF and World Bank, the Minister said that Ireland supports the current reform process at the World Bank, aimed at widening and strengthening the participation of developing and transition countries in decision making at the Bank. He felt confident that an agreement will be reached which will result in more equitable and transparent representation in the Bank’s governance which will be an important factor enhancing the World Bank’s legitimacy and accountability.