IMF grants Ireland 3.2 bn euro bailout installment
2012-02-28 15:50:10
The International Monetary Fund on Monday extended a fresh 3.2 billion euros ($4.3 billion) to Ireland as part of its EU-partnered rescue, citing the country's reform efforts, AFP informs.
"The Irish authorities continue to advance wide-ranging reforms to restore the health of the financial system so it can support Ireland's recovery," the IMF said in a statement.
The IMF executive board approved the disbursement after a review of Ireland's economic program supported by a three-year IMF loan of 22.6 billion euros, of which about 16.1 billion euros has been provided, including Monday's tranche.
Ireland was forced to take an 85 billion euro rescue from the IMF and the European Union in late 2010 when massive debts left it on the brink of collapse.