Ireland meets targets in latest EU/IMF review

Thursday 18 July 2013 21.56
Ireland has met its commitments under the bailout programme
Ireland has met its commitments under the bailout programme

Ireland has met its commitments under the bailout programme and successfully concluded the latest EU/IMF review, the Department of Finance has said.

"Ireland has successfully completed the 11th Review Mission and we continue to meet our targets," the department said in a statement.

It added it has now drawn about 91% of the available funding.

The Troika review started on 9 July and ended today.

In a statement the troika noted that the programme remains on track and yields on sovereign bonds are well below what they had been in recent years.

Further progress towards sustainable public finances is necessary to sustain improved funding conditions, the troika says.

"Budget 2014 should bring the high debt and deficit down in line with Ireland's commitments and continue Ireland's track record of steady fiscal consolidation efforts," the statement notes.

The Troika urged the authorities to develop further structural reforms to enable continued consolidation to be achieved.

It calls for speedy progress to repair the financial sector with the immediate priority being the high level of impaired loans.

Keywords: troika, bailout