Duncan Smith (Dublin Fingal East, Labour)
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48. To ask the Minister for Finance if Ireland would be supportive of a UN framework convention on sovereign debt; and if he will make a statement on the matter. [10041/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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Ensuring sustainable levels of sovereign debt is a key challenge – particularly for many developing countries.

There are a range of institutions and initiatives which assist countries with debt issues. These include the G20, which has developed and is overseeing the implementation of the Common Framework for Debt Treatments; the Global Sovereign Debt Roundtable, which is chaired by the IMF, the World Bank and the G20 presidency and is working to build greater common understanding on debt sustainability and ways to address debt restructuring challenges; and the Paris Club, which is a group of creditor countries which works to find coordinated solutions to debt sustainability challenges in borrowing countries.

It is expected sovereign debt will be a key focus of Fourth UN International Financing for Development Conference to be held in Seville later this year. Discussions in relation to a UN framework convention on sovereign debt may form part of this conference.

Prior to giving support to any proposal for an additional institution or initiative, the benefits over what is already in place and underway would need to be demonstrated.

I look forward to getting more detail of the various proposals for consideration in advance of the Seville conference.