IMF delays Irish loan after new vote announced

Fine Gael leader, Enda Kenny

The International Monetary Fund (IMF) had delayed its funding for Ireland after the government decided to put the package to a further vote of confidence  on Wednesday next.

International markets as well as the IMF reacted negatively to the Irish government move and there was strong criticism of the action
Most believed that the package was in place after the cost cutting budget by the current government was approved.

However, in a further step in what is seen as a political gambit to force the opposition parties to approve of the deal, the government decided to put the IMF package to a vote.

This however may now come back to haunt them.

The IMF statement read “The authorities have informed us that while parliamentary approval of the EU-IMF support package is not legally required, the Irish Government has put the motion before parliament to strengthen political support for the agreement,” the spokesman said.

“In deference to Ireland’s parliamentary process the IMF has decided to postpone consideration by its board of the proposed loan under the extended fund facility until after the debate.”

Fine Gael leader Enda Kenny expressed  deep concern “This is causing serious international concern . . . what are the implications for the agreement if the vote is lost?”

The Minister for Finance stated the bill would pass but last night a government backbencher, Mattie McGarth stated he was unlikely to vote for it causing further concern.