Arab Today, arab today imf warns ireland to maintain fiscal path
Last Updated : GMT 08:53:10
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.

 

arabstoday
arabstoday

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

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 France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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