Tags: EU | Ireland | Financial | Crisis

EU, IMF: Ireland Has Passed First Bailout Test

Friday, 15 Apr 2011 08:55 AM

European and International Monetary Fund experts say Ireland is fully meeting its end of the bailout agreement and will receive the next round of emergency funding to cover its deficit and bank-bailout efforts.

The experts completed a 10-day negotiation Friday with Ireland's newly elected government.

In a statement they said Ireland's commitment to slash spending and raise taxes "is on track but challenges remain and steadfast policy implementation will be key."

Ireland in November negotiated a 67.5 billion euro ($98 billion) credit line from global donors on condition it slashes 15 billion euros from deficits in coming years.

Ireland already has received more than 10 billion euros. Friday's announcement means 4.5 billion euros more will arrive in Irish coffers within weeks.

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