Fianna Fáil has launched its economic policy for the next five years, which the party claims will lead to a debt free nation.

It policy document Protecting Prosperity, The Next Steps Forward was launched by Taoiseach Bertie Ahern and Minister for Finance Brian Cowen.

The document, which outlines how the party will fund many of its election promises, is designed to bring Ireland close to a zero net debt in five years time.

The achievement depends on a number of economic assumptions, but today Minister Cowen said the party will adjust to whatever economic changes occur.

Delivering the National Development Plan is being viewed as a key priority for Fianna Fáil, but it has also listed improving public services and tax reform as some of its priorities if returned to power.

The ceiling for PRSI will be removed to address what the party terms an inequality between low and high income earners; the other tax reforms announced at the parties Ard Fheis will cost €840m annually.

The Taoiseach said the party will from today begin to role out the remainder of its policies, which have been carefully drafted over the past number of months.