Oireachtas Joint and Select Committees
Tuesday, 11 June 2024
Joint Oireachtas Committee on Foreign Affairs and Trade, and Defence
Dóchas Pre-Budget Submission: Discussion
Mr. Feargal O'Connell:
It is important to consider Ms Balfe's point about how the international finance system is structured. African countries are accessing the markets on absolutely the worst terms.
I have no doubt that there are preferential arrangements for financing military infrastructure. However, when countries turn to the international markets to fund education and health systems, they are being charged unsustainable interest rates, which brings them into the debt trap that Ms Balfe talked about.