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Ireland set to receive €770 million after passing eleventh IMF review

The IMF said that growth in the economy is encouraging, but unemployment and non-performing bank loans are worrying signs.

Image: Julien Behal/PA Archive

THE EXECUTIVE BOARD of the IMF has said that Ireland has completed the eleventh review under the bailout and has approved a disbursement of €770 million.

The review brings to €21.43 billion the amount given to Ireland under the bailout scheme, from a pledged €22.09 billion.

The IMF will conduct one more review before Ireland can exit the bailout in December, though they did sound a warning over Ireland’s lack of economic growth.

The Irish economy grew 0.4 per cent in the second quarter but  contracted 1.2 per cent year-on-year.
At the same time, employment grew 1.8 per cent year-on-year and, the IMF says, “recent indicators suggest a growth pick up in the second half of 2013″.

Fiscal results for the first eight months are in line with the Budget 2013.

Excluding one-off bondholder payments, the fiscal deficit expected to be about 6.8 percent of GDP this year.

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The IMF says that it is heartened to see Irish banks “gradually returning to profitability”, though the level of non-performing loans (26.5 per cent) are signalled as a negative.

Read: IMF want Ireland to ‘continue track record’ of budget cuts

Read: OECD: Irish economy recovering but government must stick to targets

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