Paul Murphy demands Ukrainian debt cancellation and a renewables push
Paul Murphy asked whether the Taoiseach had raised with Chancellor Schultz, or would raise at Versailles, the urgent need to cancel Ukrainian foreign debt, arguing the burden is crushing the Ukrainian economy. He condemned Russia's war, defended Europe's donor role and called for a rapid build-out of renewables to end fossil-fuel dependence.
Call for Ukrainian debt cancellation
Paul Murphy pressed the Taoiseach on whether he had raised with Chancellor Schultz the cancellation of Ukrainian debt and whether he would raise it at the meeting in Versailles. He cited figures that Ukraine's total foreign debt is $125 billion and that debt servicing for 2022 is expected to be around $6.2 billion, roughly 12% of state budgetary expenditure.
Criticism of IMF austerity and immediate assistance
Murphy argued that the IMF component of debt servicing is about half and that Ukrainians are subject to a brutal austerity programme by virtue of an IMF bailout. He said people of Ukraine are calling for cancellation of the debt as an immediate form of assistance.
Condemnation of Russia and defence of Europe's response
He rejected attempts to equate other countries with Russia, saying, "The one country in the world that has wreaked terrible war on a people is Russia," and accused Russia of killing women and children. He defended the European Union as the most peaceful organisation and emphasised that Europe is the biggest donor to Ukraine, Africa and vaccine efforts globally.
Energy dependence and a renewed focus on renewables
Responding to debate on alternative oil sources, including references to Saudi Arabian oil and Russian oil, Murphy said the solution is to end dependency on fossil fuels and on Russian gas and oil. He called to "double down on renewables," argued for a pan-European renewable grid, and said he would raise the issue with the European Commission, noting the Commission's view that more renewables are the only way out.
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I want to ask the Taoiseach whether he raised with Chancellor Schultz the question of the urgent need for the cancellation of Ukrainian debt or if he hasn't whether he will raise it at the meeting in Versailles. It's a demand from ordinary people in Ukraine for a cancellation of the debt which is a crushing burden on the economy. The total foreign debt of Ukraine is $125 billion, debt servicing expenditure for 2022 is expected to be around $6.2 billion. That's 12% of all state budgetary expenditure in the year and the IMF component of that is about half. People of Ukraine are subject to a brutal austerity programme by virtue of an IMF so-called bailout. And people of Ukraine are saying that this debt absolutely needs to be cancelled, that there's an immediate assistance that could be provided to the people. Will the Taoiseach raise this at the meeting in Versailles? In terms of, you know, Deputy Boyd Barrett raised the issue of Saudi Arabian oil as opposed to Russian oil. I think Deputy Cohn hit the nail on the head. It's not to choose, it's to end our dependency on fossil fuels and to end our dependency on Russian gas and oil in particular. Because there is a vulnerability. But look, I don't agree with your moral equivalence. The one country in the world that has wreaked terrible war on a people is Russia. You keep trying to qualify it. You keep trying to dilute it. Let's keep a singular focus now on Russia and what it's doing. Killing women and children. And stop coming in here every day trying to qualify it, having it each way a bet. It's appalling what I'm witnessing. I don't, I want to say this much. I hold no talk for any despot or any dictatorship regime. But this I know, this I know. Europe is the most peaceful, the European Union is the most peaceful organisation on the international geopolitical landscape right now. Europe is the biggest donor to Ukraine right now. Europe is the biggest donor to Africa right now. Europe has been the biggest donor in terms of vaccines across the globe. Europe is playing its part. And all I hear here is attempts to try and undermine Europe's role. Now the next objective has to be, and my view in terms of what everybody has said here, the fundamental change, the lesson from this war is, it's clear as night follows day. We've got to double down on renewables. We've got to double down on renewables. That's the ultimate way out of this. So that countries don't have leverage to shield and protect their despotic regimes. That's the lesson. And Germany has learned, you know, Germany has worked very hard for decades reaching out the hand of friendship to Russia, working with Russia, having strategic patience in terms of how Russia might develop and so on. I don't decry, and we're in no position to lecture Germany now. Germany has not invested in its military, to the same extent as others have, for decades, for obvious historic reasons. But this attack and this turning the world's rule-based order upside down means Germany has to take the action it's taking. I can't criticise Germany for what it's doing. Germany has to make sure its people are protected, that its way of life is protected. It's vulnerable. Europe is vulnerable now. If you look at the array of military hardware that was on display at sea, at air and on the ground by Russia in the last month or so, we have to wake up and smell the coffee. There are realities there. And I just want to say that I believe that Europe needs to work very hard on renewables and that idea of a super pan-European renewable grid is something that will take time to develop. But it's something that Europe should focus on. And I will be raising it with the European Commission and others. And the European Commission has said this, by the way, that when they look at the oil map or the energy map of Europe, the European Commission is saying the only way out is more renewables. Thank you very much.
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