The International Monetary Fund announced its approval of Ireland's bailout program. The IMF said that the plan was on track with its conditions. With this announcement, the IMF released the European country's aid fund.
The International Monetary Fund serves as one among three international lenders taking care of Dublin's bailout. The said bailout is worth Eur85 billion or US$113 billion. The fund said that the country's economic growth, albeit slight, gave a go signal for the release.
This is the tenth time that the fund was released for Ireland. This new chunk of aid is worth US$1.27 billion. In total, the amount given by the IMF to Ireland's bailout program is US$27.79 billion. Each portion of the released fund can only be given if the country fulfills conditions set by the IMF.
David Lipton, the International Monetary Fund's board of executive acting chairman, said that the European country's economy has been very stable due to almost two and a half years of controlling its deficit.
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