Oireachtas Joint and Select Committees

Tuesday, 1 April 2014

Joint Oireachtas Committee on Foreign Affairs and Trade

Role and Functions: Debt and Development Coalition Ireland

12:10 pm

Ms Nessa Ni Chasaide:

I thank Ms O'Neill. To summarise, we urge the joint committee to raise these important policy questions with the relevant Departments - that is, the Department of Foreign Affairs and Trade and the Department of Finance. The Minister for Finance holds ultimate responsibility for decision-making on World Bank and IMF-related issues. We urge the joint committee to support legislation across relevant jurisdictions against the growing power of unregulated vulture funds and to formally propose that Ireland support and engage with our Caribbean counterparts through our constituency within the World Bank and the IMF on the growing debt distress of countries in the Caribbean region. Should members be travelling to Washington for the spring meeting this month, we would be eager and willing to set up relevant meetings on the topic under discussion in Washington. We also ask members to raise the serious allegations of human rights abuses against Dinant in Honduras, which is funded by the IFC. We ask the Minister for Foreign Affairs and Trade, Deputy Gilmore, to make a statement on the serious human rights abuses in Honduras and Ireland's intentions with regard to future financial investment in the IFC. We ask the joint committee to take action to enable a reduction of the high debt dependency of countries in the global south and to seek support from Government on the range of tax justice measures which my colleague Ms O'Neill has outlined. We believe the joint committee could play a constructive and productive role by engaging with partner countries in the global south, such as with the members of the Parliament of Tanzania in their forthcoming investigation of capital outflows relating to taxation.

We thank the Chairman and members for the opportunity to make a presentation on these pressing matters. We welcome questions and comments from members.