Michael D Higgins (Galway West, Labour)
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Question 141: To ask the Minister for Finance the reforms the Government or the EU favour in relation to affording more accountability on the part of the Bretton Woods institutions. [16848/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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In recent years the Bretton Woods Institutions have taken a number of steps to bolster their accountability, including the reform of quota and voice within the institutions, improved transparency and evaluation and in the case of the IMF, budgetary reform.

The IMF's 2005 Medium-Term Strategy included a broad programme of modernisation. Subsequently, the IMF has embarked on a process of reform of its governance structures, including its accountability. This involves adjusting quota shares to reflect better the relative weight of members in the world economy and enhancing the voice and participation of low-income members within the Fund. On April 28 last, the Board of Governors of the IMF, including Ireland and other EU Member States, voted in favour of changes to the quota and voting share structure of the institution that will do just this. The changes will also entail a tripling of basic votes, thus enabling each of the two Executive Directors representing African constituencies to appoint an additional Alternate Director.

In terms of the World Bank, its Development Committee's Communiqué of April 2008 encouraged the Bank to advance work on all aspects of voice and participation. The Committee looked forward to a process that is inclusive and consultative among shareholders and to reaching consensus on a comprehensive package of enhancements effecting all developing and transition countries in the Bank, by the 2009 Spring meetings.

Accountability also denotes transparency. In terms of the IMF, it now publishes the bulk of its research and a considerable amount of documentation regarding its work with individual countries on its website. Like the IMF, the World Bank has expanded its transparency in recent years. Its disclosure policies and much documentation are now available on the institution's website.

In addition, both institutions have independent evaluation offices, which conduct independent and objective evaluations of their respective policies and activities.

In terms of budgetary reform, a new income and expenditure framework has been agreed at the IMF. The strategic plan that forms the backbone of the budget is focused on five goals: strengthening multilateral surveillance, sharpening bilateral surveillance, refocusing work on low-income countries, streamlining capacity building, and modernizing the Fund.

Ireland is supportive of these ongoing reforms and will continue to monitor progress on their implementation.