December 15, 2011
IMF to lend Ireland euro3.9 billion to avoid default
THE International Monetary Fund (IMF) on Wednesday said it had agreed to lend Ireland euro3.9 billion, as part of an effort to help the country avoid default.
The IMF announced the “immediate disbursement” of the funds after a review of Ireland’s reform efforts.
The country has now received around euro13 billion of a euro23-billion programme agreed in 2010.
The IMF had earlier praised Ireland’s implementation of tough budget-cutting reforms, making the dispersal of this part of the loan a near-certainty.
IMF loans are usually contingent on Fund-approved reforms being put in place.
The IMF said the loan was “part of a financing package amounting to euro85 billion (about US$110.44 billion) also supported by Ireland’s European partners.”
