Arab Today, arab today imf warns ireland to maintain fiscal path
Last Updated : GMT 10:44:37
Arab Today, arab today
Arab Today, arab today

IMF warns Ireland to maintain fiscal path

Arab Today, arab today

Arab Today, arab today IMF warns Ireland to maintain fiscal path

International Monetary Fund warned Ireland against a giveaway budget
Dublin - AFP

The International Monetary Fund on Wednesday warned Ireland against a giveaway budget ahead of next year's general election but backed calls for greater spending flexibility from the European Commission.
"Ireland's recovery is off to a good start and the priority is to maintain solid growth and job creation," the IMF said in a report on the eurozone nation's economy.
"A combination of prudent fiscal and financial policies is needed to support growth while building policy space and private sector resilience to help manage shocks.”
Dublin’s coalition government must call a general election by April 2016 and latest polls show both parties facing a significant loss of seats as anger over tax hikes and spending cuts has boosted support for opposition parties and independents.
This month, both Irish Prime Minister Enda Kenny and Finance Minister Michael Noonan urged the European Commission for more flexibility in EU budgetary rules to allow Dublin to increase investment in its next budget.
"Our position is that the rules should support a budgetary stance for Ireland that correctly reflects both the outturn and prospects for the Irish economy," Kenny told parliament on Tuesday.
Eurozone nations are supposed to keep their deficits under 3.0 percent of GDP, thus the method of calculating the size of the economy and its growth potential is important in determining how much a country can spend in coming years.
Dublin believes that the Commission's methodology doesn't take into account enough of the country's return to fast growth, and thus it should have more room to spend.
Ireland's economy expanded by 4.8 percent last year -- the fastest in the European Union.
The IMF forecasts the Irish economy to grow 3.5 percent this year and 3.0 in 2016.
Welcoming the report, Noonan said "the government is fully aware of the importance of sound budgetary policy in the years ahead, and is committed to a steady adjustment path in reducing debt and maintaining stability."
Ireland was forced to turn to the European Union and the IMF for an 85-billion-euro ($93 billion) rescue in 2010 after a banking crash and the bursting of a property bubble, but regained investor confidence after it cut spending and raised taxes.
Dublin has since made a number of returns to the debt markets at favourable interest rates and last week raised short-term cash at negative yields for the first time in its history.
The IMF loaned Ireland 22.5 billion euros as part of its rescue in 2010, but Dublin has now repaid over 80 percent of those loans early after replacing them with cheaper credit.
The IMF report also warned non-performing loans at Irish banks amounted to about a quarter of all loans, and unemployment, which stood at 10.1 percent in February, is still well above the pre-crisis average of 4.5 percent.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today imf warns ireland to maintain fiscal path Arab Today, arab today imf warns ireland to maintain fiscal path

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday