Ireland gets US$1.17b from IMF after review

The International Monetary Fund disbursed a fresh US$1.17 billion (890 million euros) to Ireland, approving the country’s progress under its two-year-old rescue program.

The IMF said that Ireland had pushed ahead with policy reforms and deficit cutting despite a slowdown in growth this year.

it said it expected the country’s fiscal deficit to fall under the 8.6 per cent of GDP target despite pressure to raise social welfare spending due to high joblessness.

The government’s recently submitted 2013 budget aims to reduce that further to 7.5 per cent.

via Business feed http://www.scmp.com/business/economy/article/1107343/ireland-gets-us117b-imf-after-review