04 Mar '11, 1am

Ireland gets IMF rates discount: WASHINGTON: The International Monetary Fund (IMF) has lowered the interest rate...

WASHINGTON: The International Monetary Fund (IMF) has lowered the interest rate on its bailout loan to Ireland as part of a sweeping reform on voting rights and quotas that took effect Thursday. As Ireland seeks relief from its European creditors in the rescue package, the IMF said that under the new reform, Ireland's quota, the country's permanent contribution to the fund, increases 50 percent, and as a consequence of its greater voice the interest rate it pays will be reduced. In December the IMF offered 22.5 billion euros ($31.4 billion) to Ireland as part of a 85-billion-euro bailout package with the European Union. Under the IMF reform, Ireland's interest rate has been reduced by 0.13-0.20 percentage points, to 3.04 per cent to 3.85 per cent, depending on the duration of the credit. "This reduction in average interest rate is the result of the implementation of existi...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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channelnewsasia.com 26 Feb '11, 4am

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channelnewsasia.com 01 Mar '11, 7am

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tnp.sg 19 Feb '11, 10pm

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