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The following is the full text of the statement by the ECB/IMF/EU team on completing their review of Ireland's Bailout. The statement was issued on April 15, 2011.

Fiscal Measures in the Programme 
 
Taxation 
 
Lowering of personal income tax bands and credits or equivalent measures 
A reduction in pension tax relief and pension related deductions 
A reduction in general tax expenditures 
Excise and other tax increases 
A reduction in private pension tax reliefs 
A reduction in general tax expenditures 
Site Valuation Tax to fund local services 
A reform of capital gains tax and acquisitions tax 

The insult to Ireland’s poor and vulnerable people originally perpetrated by EU Commissioner for Economic and Monitory Affairs, Mr Olli Rehn (when he refused to meet representatives of these groups during his recent visit to Ireland) has been repeated and worsened by the terms of the bailout agreement. The bailout programme proposes to target unemployed people while they make no provision for any new jobs that unemployed people could take up to exit unemployment.

The IMF (International Monetary Fund) has published a study in which it recommends that the way to raise Ireland's employment so as to avoid the persistence of the current high unemployment rate is to reduce unemployment payments over time. It believes this should be supported by stricter job search requirements, additonal resources for FAS (to assist these job searches) and a reduction in the minimum wage.

An overview of the borrowing  needs of fifteen major developed-country governments in 2011 shows that Ireland is the country in the middle in borrowing needs when measured as a percentage of GDP. According to the International Monetary Fund  (IMF) Japan, USA, Greece, Belgium Italy, France and Portugal all require a higher percentage of Gross Domestic Product (GDP) to finance their budgets in 2011. All require more than 20 per cent of GDP.

On May 20, 2011 the IMF published its Staff Report on the first and second reviews of Ireland's Bailout Agreement.  It also contains other related documents including the memorandum of economic and financial policies and the technical memorandum of understanding

It isn't often that we cite the International Monetary Fund (IMF) as vindicating our position but information revealed by the Department of Finance in response to a freedom of information request does exactly that.

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