Michael Ring (Mayo, Fine Gael)
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Question 218: To ask the Minister for Finance if he will press for the sale of IMF gold in order to fund debt cancellation for the poorer countries worldwide. [7480/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Adequate financing for debt relief is essential to help reduce poverty in many parts of the world. It is important to adequately finance the relief of debts owed to the International Monetary Fund so that the fund can continue to play a role in the poorest countries. The managing director has stated that he will, as requested, bring forward proposals at the spring meetings, covering the fund's gold and other resources. These resources are part of the assets of the IMF. The proposals are awaited and will be assessed when available, not least from the perspective of the need to ensure that the IMF has the resources necessary to carry out its critical functions in future.

The sale of part of IMF gold reserves to cover the costs of additional debt relief has been proposed, in addition to a number of other mechanisms, to fund the relief of the debts of poor countries. Agreement on any such mechanisms may be problematic, given possible opposition by certain states to gold sales.