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05/04/04
Did the Road to Developing Country Debt
Cancellation start in Punchestown?
Minister McCreevy's decision to host a
meeting of EU finance ministers at Punchestown
last weekend aroused controversy. There
was clearly to be no tightening of belts
at this meeting estimated to cost E60,000
for the two days.
Decisions made by this powerful group of
Ministers affect not just those of us living
in Europe but also the people of far away
countries like Ethiopia, Uganda and Nicaragua.
As well as making decisions which affect
our lives, European Finance Ministers have
a big say on global issues like developing
countries' debt crisis. This is because
EU countries have disproportionate voting
power at the IMF and World Bank which decide
how the debt crisis should be dealt with.
While the IMF or World Bank do not have
a significant presence in our lives here
in Ireland, in developing countries they
are household names. For citizens of the
poorest countries it may be the policies
of these institutions which determine whether
their children get primary education, whether
the local clinics and hospitals can provide
them with medical help and even whether
they get enough to eat. The reason for this
is the debt crisis.
 So
what is the connection between Punchestown
and debt - other than the unlucky punters
who lose fortunes backing the wrong horses?
Minister McCreevy will represent the 25
EU member states and accession countries
at a major meeting of the IMF and World
Bank this month in Washington which will
discuss developing country debt. An important
item on the Punchestown agenda was to agree
what Mr. McCreevy will say on behalf of
the EU while in Washington.
The people of Kildare might be surprised
to learn that our Minister for Finance is
leading the EU field on debt cancellation
for the poorest countries in our world.
Ireland's official debt policy since 2002
has been to call for 100% cancellation.
The Minister, however has been unusually
shy about publicly announcing this policy
at relevant international meetings. It would
be very interesting to know how much effort
Minister McCreevy made last weekend in Punchestown
to convince his EU colleagues to join him
in calling for debt cancellation for the
poorest countries.
However, at the end of the day, it's up
to the people of Kildare - and the rest
of Ireland - to keep a watchful eye on what
policies our Ministers are promoting at
international meetings which affect people
of impoverished countries. Let's encourage
Minister McCreevy to work towards achieving
Ireland's call for 100% debt cancellation
for the poorest countries of our world and
remove one of the major obstacles to their
human development.
Jean Somers
05/04/04
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