A FINANCIAL FORECAST compiled by Commissioner Ollie Rehn shows that Ireland needs to find another €5bn to meet its debt ratio requirements by 2014, or €3bn if that deadline is extended to 2015, the Sunday Times reports today.

These figures come on top of the €9bn correction already planned.

Stephen O’Brien and Sarah McInerney report that a Fianna Fáil spokesperson said that the forecast was discussed with the EU and IMF as the government prepared its national recovery programme in November, but were dismissed by the IMF.

The IMF took the view that Ireland could not pay more than the planned correction, the spokesperson said.

Last week, the IMF released an interim review on Ireland, which said the state has met the first targets set in the bailout agreement. The report said that a modest export-led recovery was underway in Ireland, although the country faces significant challenges ahead.

Yesterday, the Greek government released a statement criticising the EU and IMF for interfering in domestic affairs after  officials from each said Greece could make up to €50bn through the sale of state assets. The government said: “We only take orders from the Greek people”.

Read the story in full in the print edition of today’s Sunday Times >