IMF believes Ireland needs more support from Europe

Ajai Chopra, left, Deputy Director of the European Department of the IMF is surrounded by journalists as he arrives at the Central Bank of Ireland for crucial talks with the Irish government in Dublin

The International Monetary fund have called on Europe to provide greater support to Ireland to help the economy improve.

The IMF will provide $30 billion in rescue funding to Ireland over the next three years and has already funded $17 billion.

The call was made in a report on Ireland, as part of its review on the latest EU/IMF program.

The report states that continued support of Ireland would help benefit overall European stability.

“Amid renewed stresses in the euro area, sustained firm program implementation matched by continued strong European support will be required to underpin prospects for regaining market access at an early stage,” the report says.
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The IMF has decreased its forecast for Irish growth for 2012 from 1.9 percent to 1 percent.
They have recommended a range of measures including medium-term funding for Irish banks from the European Central Bank and temporary equity participation in banks by European partners.

The report noted that Ireland had met the main budgetary and banking targets of the bailout deal and broadly approves the measures adopted in the recent Budget.

“The authorities have renewed their commitment to putting the budget on a
sound footing to ensure debt is on a firmly downward path,” the report states.

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