Business Irish

Wednesday 24 January 2018

IMF postpones decision on Ireland loan

The International Monetary Fund today postponed consideration of a proposed €22.5bn loan to Ireland until after the Government’s debate on the rescue package, IMF spokesman William Murray said in a statement today.

The IMF won’t take action until after the Dail’s vote, scheduled for December 15, Murray said.

That means December 16 is the earliest that Managing Director Dominique Strauss-Kahn could recommend approval to the IMF board, he said.

The IMF made its decision “in deference to Ireland’s parliamentary process,” Murray said.

He repeated that the IMF welcomes Ireland’s recent passage of fiscal consolidation measures, saying it “confirms Ireland’s strong commitment to the program and the policies involved.”

The EU and IMF agreed on an €85bn rescue package for the Government on November 28, seven months after a €110bn bailout for Greece.

The European Central Bank has stepped up buying bonds from the region’s most-indebted countries to prevent the debt crisis from spreading.


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