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IMF releases last tranche of rescue funds for Ireland

English.news.cn   2013-12-14 09:23:40            

WASHINGTON, Dec. 13 (Xinhua)-- The International Monetary Fund (IMF) said on Friday that it disbursed Ireland's last tranche of rescue fund, as the country would become the first eurozone member to successfully exit bailout from the European Union (EU) and the IMF.

The IMF said in a statement that it completed the twelfth and final review of Ireland's economic performance under a three-year program supported by the Extended Fund Facility (EFF) Friday, which enabled the release of 890 million U.S. dollars loan for the country.

The disbursement brought the total amount under the EFF to about 30 billion dollars. It was part of the global financial support for the debt-laden country under the 85-billion-euro ( about 117 billion U.S. dollars) bailout program set in December 2010.

"This is the last review under the EFF arrangement, which will expire on December 15. Owing to steadfast policy implementation by the authorities, the EU-IMF supported program has been completed successfully," said the Washington-based global institution. " Ireland has pulled back from an exceptionally deep banking crisis, significantly improved its fiscal position, and regained its access to the international financial markets. Growth, though slower than initially projected, has exceeded the euro area average."

IMF Managing Director Christine Lagarde said Ireland is in a " much stronger position" now, but it still faces "significant economy challenges," including elevated unemployment and heavy private sector debt, and its public debt sustainability "remains fragile."

Editor: Shen Qing
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