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IMF welcomes Ireland's new budget

08 December 2010, 11:07 CET
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(WASHINGTON) - The International Monetary Fund Tuesday welcomed the Irish parliament's approval of its 2011 budget that meets European Union and IMF requirements to secure an 85 billion euro international bailout loan for the country.

"We welcome approval of the 2011 budget... This is a clear sign of Ireland's strong commitment to tackle its problems and harness the impressive growth potential of this open and dynamic economy," the Washington-based IMF said in a statement.

The IMF board of directors will take up on Friday Ireland's November 28, three-year bailout loan request of 22.5 billion euros.

The rest of the loan up to 85 million euros will come from the EU.

Ireland on Tuesday announced an annual budget that comprised 6.0 billion euros (8.0 billion dollars) in savings via tax hikes and spending cuts, aimed at slashing the country's public deficit from about 32 percent of GDP this year to 9.4 percent in 2011.


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