TNBiz (TNBiz)
Finance  |  December 17, 2010 17:20:05

IMF: Ireland faces a high risk that it will not be able to repay the bailout loan


Mediafax

DUBLIN (MEDIAFAX) - International Monetary Fund (IMF) warned on Friday that Ireland is facing a significant risk that may affect a country's ability to repay the loan, which came to its rescue from ruin. Informed the agency said.

The IMF also estimated that Ireland can meet its target of reducing the budget deficit below three percent of gross domestic product by 2015.

Warning phrases on the situation in Ireland, appeared in the Fund staff report that was released just a day after the IMF approved a loan for Ireland amounting to € 22.5 billion (567.45 billion dollars), which became part of the rescue package of 85 billion euros (2.14 billion dollars).

"The pace of economic reconstruction will be mild. Risks worsening the situation, however, are significant and are due to deflationary tendencies, too tight budgets and the impact of austerity measures and risks in financial markets," the IMF said in its report.

"There are significant risks that may affect your ability to repay the debt of Ireland Fund," the IMF said in a document that shows the risks associated with the rescue of Ireland.

David Vandrovec, vandrovec@mediafax.cz

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