The Republic's National Pensions Reserve Fund (NPRF) has invested over €578m in a variety of Zimbabwe-based companies, which accounts for 3pc of its €20bn fund for our future pension needs.

Fine Gael's foreign affairs spokesman Billy Timmins called for the investment of taxpayers' money by the NPRF in Zimbabwe-linked companies to be halted. It was outrageous that the fund was propping up the Mugabe regime, he said.

"Fine Gael has, in the past, called on the Government to cut economic and political ties with Zimbabwe and it is unfathomable to learn now that the State Pension Fund is being invested in companies operating there," he said.

Green Party Senator Dan Boyle, who previously brought forward a bill to require the NPRF to invest ethically, described it as entirely inappropriate to be supporting the "vile regime".

"Under existing legislation, the NPRF Commission's only obligation is to maximise profits. It is clear to me that many taxpayers do not want public money invested in companies with links to evil regimes or in the arms industry in general," he added.