Peter Power (Limerick East, Fianna Fail)

The Deputy must appreciate this is a significant contribution to a massive global fund. Many of these countries want to develop, but cannot because they cannot get access to the international capital and bond markets because of their heavy debt burdens. By forgiving this debt, albeit with conditions which ensure they have the capacity and power to maintain sustainable financial economies in their own right and by focusing their lending on poverty reduction, we are making a real contribution towards enabling these countries to develop their economies under their own national development plans. This is quite apart from our bilateral programmes where, through grant assistance, we initiate and help development and programmes. By engaging significantly in this programme, we allow these countries develop in their own right. Ultimately, that is what sustainable development is about and it is important.

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