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Image: Julien Behal/PA Archive
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.
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