IMF to release €3.23bn to Ireland in bailout programme
Published 28/02/2012 | 07:13
MORE than €3.2 billion in loans is being released to Ireland following a review of the bailout by the International Monetary Fund (IMF).
The latest release of funds followed a fifth review of Ireland's performance and brings the IMF's loans up to €16 billion over three years.
Acting IMF chairman David Lipton said the Irish authorities have continued strong implementation of their programme despite deteriorating external conditions.
They also met 2011 fiscal targets with a margin and advanced structural reforms to support growth and job creation, he said.
"The Irish authorities have responded by raising the fiscal consolidation effort adopted in Budget 2012, and the budget remains on track to meet an unchanged general government deficit target of 8.6pc of GDP," said Mr Lipton.
"If growth should weaken further, the automatic stabilisers should be allowed to operate to help avoid jeopardising the fragile recovery."
The IMF programme was approved in December 2010 as part of a larger €85 billion bailout, supported by the European Financial Stabilisation Mechanism, the European Financial Stability Facility, loans from Britain, Sweden and Denmark and Ireland's own contributions.