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IMF

The ‘troika’ statement that the most vulnerable in society should be protected is very welcome. So too is their statement that the ‘troika’ are committed to helping those who need help.

The IMF's own review of Ireland's situation sets out the goals to be achieved on Government borrowing by 2015. It states that if the current projections are not achieved then "the savings committed will be delivered, if necessary through fallback options in relation to public sector wages and primary social welfare rates". Social Justice Ireland rejects this approach and continues to point out that alternative approaches are available to Government.

Making choices in precarious times such as these a country, a government, a society or an international institution defines itself by:

The cuts it makes; the people it protects; its effectiveness on economic growth/jobs; its actions on public services; the values underpinning its choices.

Governments must break the link between states and their banks according to Ajai Chopra, Deputy Director, European Department, International Monetary Fund, and leader of the 'troika' currently overseeing Ireland's Bailout Agreement with the IMF, the European Central Bank and the European Commission.  In a remarkable presentation at the Dublin Economic Workshop in Kenmare on October 15, 2011, he outlined a position that is remarkably similar to that  proposed and advocated by

The global economy is in a dangerous new phase according to the International Monetary Fund (IMF). In its World Economic Outlook published September 20, 2011, the IMF states that global activity has weakened and become more uneven, confidence has fallen sharply recently, and downside risks are growing. This slowdown will make it even more unlikely that Ireland’s Bailout Agreement targets will be achieved. 
The World Economic Outlook’s main conclusions include:

A more comprehensive European approach to dealing with the region's debt crisis is needed to help Ireland regain access to debt markets, the International Monetary Fund (IMF) said on Friday May 20, 2011.    The IMF went on to say that Europe needed to address the risk of financial stress in its periphery through a more "comprehensive" plan. 

Background.
A three-year EFF arrangement with access of SDR 19.5 billion was approved on 
December 16, 2010. Following elections on February 25, a new coalition government with a 
comfortable majority took office on March 9. In light of a delay in the first review made necessary by 
the early elections, the authorities request to combine the first and second program reviews and, given 
the smaller immediate external financing needs, also request a rephasing of the arrangement.

This revised version was published following completion of the quarterly review for the end of the first quarter of 2011.

  The review andd the ratification process will be completed by:

While the texts produced by the Irish Government and the ECB/IMF/EU following the latter's review of Ireland's progress in implementing the Bailout agreement contained little information on changes or adjustments to the agreement, the latter's statement contained one blatent claim that seriously insults Ireland's poorest and most vulnerable people. 

This is the information supplied by the Irish Government on the revisions to the EU/IMF Bailout negotiated at the end of the second quarter of this Bailout. It was supplied on April 15, 2011.

EU/IMF Programme of Financial Support for Ireland 

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