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«AgroInvest» — News — Ireland qualified to recieve 8.5 bln euros of loans: Eurogroup

Ireland qualified to recieve 8.5 bln euros of loans: Eurogroup

2011-11-30 11:35:18

Ireland is to receive another tranche of loans worth 8.5 billion euros (about 11.3 billion U.S. dollars) from international lenders after the country has taken strong measures to bring its deficit down, Eurogroup chief said late Tuesday.

Given the result of international lenders' review of the adjustment program in Ireland, "we commended the Irish authorities for a very strong implementation of reform measures which is expected to bring its fiscal deficit level to 10.5 percent of GDP in 2012," said Eurogroup chairman Jean-Claude Juncker.

The review found that the Irish government is committed to putting the debt on a firm downward path by reaching the 3 percent target in 2015,Junker said at a press conference after a meeting of the eurozone finance ministers.

"The comprehensive reform of the financial sector is well under way, and the important reforms have also been put in place to support job creation and growth," he added.

Junker said "all these will allow us to disburse a total of 8.5 billion euros of loans to Ireland in January 2012," of which 4.2 billion euros would come from the European Financial Stability Facility (EFSF), 3.8 billion euros from the International Monetary Fund, and 0.5 billion euros from the United Kingdom.

The Eurogroup hailed the success of the Irish bailout program as a proof that "the policy implemented by the Eurogroup can produce expected successes, if everyone plays his own duty."

 

 

Xinhua