The Minister for Finance, Mr. Michael Noonan T.D, and the Minister for Public Expenditure and Reform, Mr. Brendan Howlin T.D, welcomed the publication today of the Concluding Statement of the IMF Irish Mission on the 2015 Article IV consultation.
The Article IV consultation is separate to the post-Programme monitoring function which has been in place since Ireland exited the Troika Programme of Assistance in December 2013. The Article IV consultation is more strategic in its focus and considers medium to longer-term policy issues. The return of the Article IV consultation to the standard 12-month cycle is a further sign of the normalisation of Ireland’s relations with the Fund.
This Concluding Statement sets out the views of IMF Staff on a broad range of issues including the current position of the economy and its medium-to-long term prospects, medium-term fiscal policy, as well as financial and banking policy. The Concluding Statement acknowledged the consolidation efforts and the sustained progress achieved by Ireland over the past eight years, and encourages the Government to maintain a phased and steady adjustment path towards our fiscal goals, while developing and implementing measures to sustain the recovery.
Commenting on the publication of the Article IV consultation Minister Noonan and Minister Howlin stated:
“We welcome today’s publication by the IMF of its Article IV Concluding Statement. The consultation is an important assessment of the economies of IMF members and we have taken note of their views of our short and medium term prospects. These will be carefully considered in the context of our overall policy development in the medium term”.
Commenting on the progress achieved to-date, Minister Noonan stated:
“I welcome the IMF staff’s recognition of the recovery which is taking hold, based on solid growth and job creation, and the sustained commitment of the Government in repairing the damage caused by the crisis. The Government is fully aware of the importance of sound budgetary policy in the years ahead, and is committed to a steady adjustment path in reducing debt and maintaining stability”.
Minister Howlin added:
“I welcome the assessment by IMF staff of Ireland’s strong growth rates. I also acknowledge the challenges which remain in terms of demand pressures, housing and unemployment, and the Government is pursuing a programme of measures to secure the recovery and support growth, while dealing with these specific issues”.
Both Ministers concluded that:
“Following the constructive engagement throughout the past week, we look forward to seeing the final Staff Report in the coming weeks.”
The IMF Article IV consultation involved a small team of IMF staff visiting Ireland for a one-week period of consultation during which they met Minister Noonan and Minister Howlin, Governor Honohan, and a broad range of public and private sector bodies.
Ireland, like most other IMF Member Countries, is examined under the Article IV consultation. It is expected that the final Staff Report will be published by the IMF following consideration by the Executive Directors in the coming weeks.
ENDS
27 January, 2015
