Jack Wall (Kildare South, Labour)
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Question 353: To ask the Minister for Finance his views in regard to a submission (details supplied); the plans he has to deal with the matter at the forthcoming meeting of the IMF-World Bank; and if he will make a statement on the matter. [10276/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I refer the Deputy to my reply to the House on this subject on 8 March 2005.

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. It will be for the board of the IMF and the IMFC initially to decide what action to take. These resources are part of the assets of the IMF. These proposals are awaited and they will be assessed when available, not least for the need to ensure that the IMF has the resources necessary to carry out its critical functions in future. The sale or revaluation 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.