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Ireland's Participation in the International Monetary Fund and the World Bank for the Year 2019

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Ireland's Participation in the International Monetary Fund and the World Bank for the Year 2019 Ireland’s Participation in the International Monetary Fund and the World Bank Annual Report 2019 Department of Finance | Ireland’s Participation in the IMF & WBG ‘The Department’s mission is to manage Government finances and play a central role in the achievement of the Government’s economic and social goals having regard to the Programme for Government. In this way we will play a leadership role in the improvement of the standards of living for all Irish citizens’. Statement of Strategy 2017-2020 Department of Finance | 3 Department of Finance | Ireland’s Participation in the IMF & WBG CONTENTS 5. Foreword 7. Introduction 8. The International Monetary Fund in 2019 16. Joint EU-IMF Financial Assistance Programme for Ireland 19. The World Bank Group in 2019 30. Payments and Financial Activities in 2019 35. Appendix A: Further Information on the IMF 37. Appendix B: Further Information on the WBG 40. Appendix C: Ireland’s Voting Record in 2019 41. Appendix D: Ireland’s WBG Shareholding and Voting Power 42. Appendix E: Ireland’s Quota at the IMF 4 | Department of Finance | Ireland’s Participation in the IMF & WBG Foreword Please note: the contents of this Annual Report are concerned with Ireland’s participation in the IMF and the World Bank in 2019, prior to the emergence of the COVID-19 pandemic. As a result, the impacts of, and responses of the IMF and the World Bank to this crisis are not reflected in this report. In accordance with Section 10 of the Bretton Woods Agreements (Amendment) Act, 1999, I am pleased to present to Daiĺ Éireann and Seanad Eireanń the Annual Report of Ireland's Participation in the International Monetary Fund and the World Bank for the year 2019. 2019 marked the seventy-fifth anniversary of the 1944 conference in Bretton Woods, New Hampshire that led to the creation of the International Bank for Reconstruction and Development (now the World Bank) and the International Monetary Fund (IMF). Both institutions remain the cornerstone of a multilateral system that has been severely challenged by the increasing insularity, protectionism and unilateralism of recent years. As ever, it is Ireland’s belief that collective action and improved global cooperation is vital in order to boost inclusive growth by modernising the trade system, reducing excess global imbalances and improving debt dynamics. Both the IMF, with its mandate to help ensure the stability of the global economic and financial system, and the World Bank, which is committed to reducing poverty and raising living standards across the globe, are essential in leading the concerted and coordinated international action required to meet these objectives. Ireland has long recognised that cooperation, multilateralism and the primacy of rules-based engagement are fundamental to harmonious and productive international relations. These pillars must be present to ensure equity and give smaller nations voice and influence. Ireland’s support and commitment to these pillars remains constant and consequently, having formalised our membership of the Asian Infrastructure Investment Bank in October 2017, we underpinned this commitment by further progressing our membership of the African Development Bank during the last year. In 2019, I had the pleasure of attending both the Spring Meetings and the Annual Meetings of the IMF and World Bank in Washington. These Meetings highlight the work and importance of these global institutions, and provide useful platforms to exchange ideas and experiences on economic, financial and development matters. In the course of these events I had the opportunity to participate directly in a number of these discussions, including the IMF Fiscal Forum session on public investment in people and infrastructure as well as a panel discussion on the political-economy of structural reforms. At the Annual Meetings in October I was pleased to announce a number of significant actions by Ireland to assist developing economies. These included the launch of the Domestic Resource Mobilisation (DRM) initiative, a whole-of-government collaboration between the Department of Foreign Affairs and Trade, the Department of Finance and the Office of the Revenue Commissioners. Drawing on Ireland's internationally recognised expertise in tax administration, the DRM initiative will see Ireland partner with developing countries to help strengthen their own capacity. I was also invited to address the Ministerial Conclave of the World Bank’s Human Capital Project (HCP) and confirmed Ireland’s membership of the HCP Network. There was considerable interest in Ireland’s record of investment in our citizens, on which much of our remarkable economic performance of recent decades has been predicated. It is heartening that our experiences will serve to encourage developing countries to achieve similarly transformative results by investing in their people. | 5 Department of Finance | Ireland’s Participation in the IMF & WBG During the course of October’s Annual Meetings I also met with the new Managing Director of the IMF, Ms Kristalina Georgieva, who had just been appointed on 1 October. Her assessment of the global economy, published during the course of the Annual Meetings, was sombre, noting that the pace of global growth had slowed, weakened by the impact of adverse geopolitical developments and broadening trade tensions. At that time a subdued, uneven and precarious global recovery was expected in 2020. The Fund’s assessment of Ireland’s economic performance in 2019, in the form of the Article IV consultation, noted the strong broad- based growth of our economy and our improved public finances. However, while affirming the current strength of Ireland’s economy, the 2019 review also warned of the challenges from domestic capacity constraints and external downside risks, notably Brexit and the possible negative spillovers of a continued escalation of global protectionism and sudden changes in international corporate taxation which could adversely affect our economy and public finances. Of course contemporaneous economic forecasts have been overtaken by the then unforeseen and, as of yet, unquantified impact of the COVID-19 pandemic With regards to resourcing, there were significant developments at both the IMF and the World Bank in 2019. Ireland firmly believes in the need for a strong, quota-based and adequately resourced IMF and, as such, we were disappointed that the Fund's 15th General Review of Quotas concluded with no agreement on a quota increase. However, we welcome the alternative package on IMF resources agreed at the 2019 Annual Meetings and will be keen to play our role by ratifying the doubling of the New Arrangements to Borrow at the earliest opportunity. The conclusion of the Nineteenth Replenishment of the International Development Association (IDA19) with an agreement on a historic $82 billion financing package for the World Bank’s fund for the poorest economies and people of the world was certainly a welcome outcome. It also represents a significant achievement for Mr David Malpass in his first year as President of the World Bank Group. Ireland’s IDA19 pledge of a record €101.6 million over nine years is a tangible demonstration of our support for the World Bank and our belief in IDA’s ability to maximise its development impact. With its focus on climate change, gender, JET, fragility and conflict and violence, and governance and institutions, IDA’s priorities are closely aligned with the goals of A Better World, Ireland's international development policy. We hope that, with this record financing package, IDA can make significant progress in improving the lives and prospects of the 500 million people currently living in extreme poverty. This Report summarises the major developments at the IMF and the World Bank over 2019 and outlines Ireland's participation as a member of both Institutions. Paschal Donohoe T.D. Minister for Finance and Public Expenditure and Reform 6 | Department of Finance | Ireland’s Participation in the IMF & WBG Introduction Please note: the contents of this Annual Report are concerned with Ireland’s participation in the IMF and the World Bank in 2019, prior to the emergence of the COVID-19 pandemic. As a result, the impacts of, and responses of the IMF and the World Bank to this crisis are not reflected in this report. The International Monetary Fund (IMF/“the Fund”) and the World Bank were established in July 1944 at an international conference which was convened in the town of Bretton Woods, New Hampshire, USA. The conference was attended by representatives of 45 countries and its goal was to establish a framework for economic cooperation and development that would lead to a more stable and prosperous global economy. While this goal remains central to both institutions, their work is constantly evolving in response to new economic developments and challenges. The IMF promotes international monetary cooperation and provides policy advice, technical assistance and loans to help countries build and maintain, or restore, strong economies. The mandate of the World Bank is to promote long-term economic development and poverty reduction by providing technical and financial support to help countries reform particular sectors or implement specific projects. Ireland joined the IMF and the World Bank in 1957 as part of a process of deepening our engagement and integration with the global economy. The legislation governing Ireland’s membership of the institutions is the Bretton Woods Agreements Act, 1957, which has been amended on a number of occasions. This Annual Report on Ireland's Participation in the International Monetary Fund and the World Bank, which covers the period from 1 January 2019 to 31 December 2019 has been prepared in accordance with Section 10 of the Bretton Woods Agreements (Amendment) Act, 1999. The report summarises the major developments at the IMF and the World Bank over the past year. It sets out the details of Ireland’s participation as a member, and reports on past and present goals and strategic actions which guide Ireland’s relationship with both institutions.
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