Wednesday 22 November 2017

IMF postpones approval of bailout

Fionnan Sheahan and Sarah Collins

THE IMF is waiting to approve the bailout for Ireland until after the Dail vote on the international rescue plan next week.

The move comes after the Government announced it was holding a vote on the deal.

The IMF has postponed its formal decision on its proposed €22.5bn loan until after the debate on the rescue package.

According to the fund's spokesman William Murray, it won't take action until the Dail vote, scheduled for next Wednesday, takes place.

The postponement means December 16 is the earliest managing director Dominique Strauss-Kahn could recommend approval to the IMF board.

The IMF made its decision "in deference to Ireland's parliamentary process", Mr Murray said.

He repeated that the IMF welcomed Ireland's recent passage of fiscal consolidation measures, saying it confirmed "Ireland's strong commitment to the programme and the policies involved".

But the European Commission said the Irish bailout deal was done. EU economics chief Olli Rehn told the Irish Independent: "The programme has been agreed between the Government of Ireland and the EU-IMF, so the programme is fully viable, from our point of view."

Irish Independent

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