First Minister Michelle O'Neill and Sinn Féin leader Mary Lou McDonald have met Taoiseach Leo Varadkar and Tánaiste Micheál Martin to discuss the co-funding of infrastructure in Northern Ireland.
Speaking outside Government Buildings, Ms O'Neill said she wanted to see the North South Ministerial Council "back up and running quick smart".
She said the Council would be examining funding of all infrastructure projects including the Narrow Water Bridge linking Co Louth and Co Down and Casement Park stadium in Belfast.
Ms O'Neill said: "It is very important we have the institutions of the Good Friday Agreement back up and running."
She added: "It was very clear the North is underfunded."
Ms O'Neill said she would also be meeting the UK Treasury to make the case for increasing the £3.3bn (€3.9bn) which has been promised to Northern Ireland by the British government.
Details of £3.3bn NI funding package outlined by London
The British government confirmed details of the £3.3bn funding package to support the restored power-sharing administration in Northern Ireland.
Elements of the financial plan, and conditions attached, were outlined in a letter to Stormont Finance Minister Caoimhe Archibald.
The letter was sent amid a simmering political row over whether the package is dependent on the devolved executive introducing new revenue-raising measures.
The British government said the plan included a requirement for the executive to deliver a balanced budget for 2024/25 that includes a minimum of £113 million (€133m) raised through locally generated income.
Ministers in Belfast will also be expected to publish a "comprehensive and costed" long-term strategic infrastructure plan that sets out priority areas for action and how they will support prosperity and growth.
The details outlined in the letter include:
- Reform of the formula for allocating funds from London to Northern Ireland, with rates set at 24% above comparative rates in England
- A £1 billion fund to stabilise Stormont's public finances
- £34 million to tackle spiralling hospital waiting lists
- Flexibility to allow deferment of repayment of a multimillion-pound overspend of funding from London during the power-sharing impasse
- Funds to help meet public sector pay demands in the current financial year
- Boost the executive’s spending powers to transform public services by repurposing in excess of £700 million of existing and new UK government funds
- Increase the executive’s annual capital borrowing limit by 10% in 2024/25, a limit which would then increase annually in line with inflation
The British government described the package as "significant, fair and generous".
Northern Ireland Secretary of State Chris Heaton-Harris said: "This package tackles the immediate budget pressures facing the restored Executive and allows it to take action to rapidly stabilise public services, while increasing opportunities for investment and improved infrastructure.
"It also paves the way for vital transformation of public services, and will deliver well-deserved pay awards for public sector workers.
"It is now for the Northern Ireland Executive to use this significant financial package to take forward the vital work of public service transformation and the commitment to deliver sustainable finances - ensuring better outcomes in the day-to-day lives of the people in Northern Ireland."
Plan does not 'provide sustainable solution' - NI minister
Stormont's Finance Minister Caoimhe Archibald said she has "serious concerns" after details of the package were confirmed in the letter from Chief Secretary to the UK Treasury Laura Trott.
In her letter of response, Ms Archibald said: "I have serious concerns in relation to a number of areas outlined within your letter and would welcome engagement with you on this at the earliest opportunity.
"There is a clear public expectation the financial package will fully address public sector pay pressures.
"We welcome your agreement to the flexibility we requested to utilise the additional funding for general pressures towards the delivery of public sector pay deals.
"However, the reality is the current package does not meet this expectation nor provide a sustainable solution."
Ms Archibald said it was "not acceptable" for London to make the write-off of a £559m debt conditional on the publication and implementation of a sustainability plan.
She said: "Ministers are united and speak with one voice in the need to invest and reform our public services.
"Making the write off of the £559 million for debt repayment conditional on the publication and implementation of a sustainability plan is not acceptable.
"It is our strong view that these debts exist primarily due to the underfunding of public services.
"The Executive has already given a commitment to the British Government to develop a Sustainability Plan with a pre-requisite that the right level of funding is provided.
"The Government’s timescale requiring this to be published by May 2024 is completely unrealistic.
"It is essential that the Executive is afforded adequate time to give proper consideration to this important matter."
Read more:
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Ms Archibald also said that a British government demand for the power-sharing administration to raise £113 million within the next 12 months would "cause more harm to hard-pressed families, households and businesses" and was "not consistent with a strategic Sustainability Plan".
"To expect this funding to be generated in such a short space of time can only serve to cause more harm to hard-pressed families, households and businesses.
"Our message to Westminster is simple. The Executive should be given time and space to develop and agree a properly through Sustainability Plan that will put our finances on a more stabilised footing.
"It is critical we have the right resources to deliver effective public services for all our citizens. We ask that the British Government act in good faith.
"There can be no further damage to our public services."
Additional reporting PA
