Newstalk
Newstalk

15.45 22 Jul 2013


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The International Monetary Fund (IMF) says there is no evidence that Irish austerity policies are doing it harm.

The fund has rejected complaints from its former chief of mission to Ireland Ashoka Mody who said the austerity policies were doing more harm than good.

It has meanwhile emerged that Ireland will have to remain subject to regular budget inspections for almost two decades despite exiting the bailout this year.

Mr. Mody had said Ireland should consider scaling back its austerity policies. However the IMF says Mr. Mody no longer works for the fund and his views do not represent those of the fund.

The IMF has suggested it wants a full budget package of €3.1 billion in spending cuts and tax increases even if it is more than enough to meet Irish targets.

The Finance Minister has meanwhile confirmed that Ireland will remain subject to Troika inspections for almost two decades.

Michael Noonan says rules agreed by ministers last year will mean Ireland will have regular visits until it has repaid three-quarters of its EU bailout loans. Under our current timetable Ireland will not reach that target until 2032.

The inspections will allow authorities in Brussels to propose possible changes to future Irish budgets long after the bailout programme ends this December.


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