Seán Crowe (Dublin South West, Sinn Fein)
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Question 43: To ask the Minister for Finance the additional public expenditure commitments or amendments to the November 2010 EU-IMF Programme of Financial Support for Ireland Memorandum of Understanding that he has agreed with the Troika; and if he will make a statement on the matter. [9664/11]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, the Government has successfully concluded the first and second quarterly programme review mission with the Troika, that is, the EU Commission, the ECB and the IMF, which took place between the 5th and 15th April 2011. The purpose of the quarterly review mission was to evaluate performance against targets to date on all the elements of the programme of financial support for Ireland including fiscal developments, the macroeconomic outlook, progress on commitments in the restructuring of the financial sector and structural reform.

The Government is pleased that the Troika mission assessed the Irish Programme to be on track and in their view the targets in the Programme have been met.

During this programme review, a number of Government members along with senior officials, met with representatives from the Troika and assured them of this Government's commitment to the fiscal targets set out in the EU/IMF Programme.

In the negotiations with the Troika, the Government set out measures that we would be seeking to include in the revised Programme. During the negotiations, it became clear that there was sufficient flexibility within the Programme to allow us to include these important policy measures, while respecting the overall fiscal parameters and goals of the programme. The revised Memorandum of Understanding will now include, amongst others, measures dealing with the Jobs Initiative, the minimum wage and the Comprehensive Review of Expenditure.

No fiscal consolidation targets were changed including the elements related to public expenditure. During the programme review, the Troika were informed of the Comprehensive Review of Expenditure which will be completed in September 2011. Based on the outcome of the Review and in consultation with the Troika, the Government will introduce budgetary changes which will aim to fully realise efficiencies identified, while securing the overall budgetary consolidation for 2012 to which Ireland is committed.

This Government is committed to promoting growth and creating jobs which is central to any recovery strategy. The Troika has agreed to the Government's plan to implement a Jobs Initiative. The initiative will promote confidence to provide opportunities for people to go to work and for employers to be able to get credit and invest in their business and to stimulate the Irish national economy. The Jobs Initiative may result in compositional changes between expenditure and tax which will be done on a fiscally neutral basis. The details of the Jobs Initiative will be announced in the Dáil on 10th May 2011.

The Review will be formally completed with the consideration by Eurogroup, ECOFIN and the IMF Executive Board of the reports by their various staffs on progress to date – and the proposed amendments. The final documents will be made publicly available when final approval occurs on 15th and 16th May.

As agreed, the Government will continue to consult with the IMF, the European Commission and the ECB on any changes to the policy measures outlined in the agreed support programme.