Positive words from IMF as new loan funds announced
The IMF has released another €1.5 billion of bailout loan funding, and also complimented Ireland’s strategy for economic recovery.
In a statement released last night, marking the IMF’s third review of the bailout, the Irish government’s handling of the crisis was praised.
These actions are helping to restore confidence as part of the government’s strategy to put the economy on a path of sustainable growth, sound public finances, and job creation.
The Chairman of the IMF executive board Naoyuki Shinohara stated however that continued progress of reforms were essential to support the recovery and rebuilding of confidence in the Irish economy.
The praise in itself was a positive signal, and various stories in the Irish and international press have been discussing the eventual return of the Celtic Tiger.
The EU Council have similarly announced the release of €5.5 billion in bailout loan funding, to be spread over two instalments.
The most recent bailout loans will bring Ireland’s current total to €9.1 billion.
There is still however a crisis in the European financial markets, so economists will be waiting to see how the markets react on Monday morning.
In other news the IMF has opposed the push to make Greece pay collateral for its second bailout loan, currently in discussion.
Finland have demanded it to get their backing for the €109 billion loan to Greece.
Ex-Chairman Dominique Strauss-Kahn has been in the news today following his return from New York after the collapse of the legal case against him.
Article by LoansIreland.ie.