16 May '11, 9pm

IMF approves 1.58b euros in new assistance for Ireland

WASHINGTON: The IMF stuck to business on Monday despite the sexual assault arrest of managing director Dominique Strauss-Kahn, approving 1.58 billion euros ($2.25 billion dollars) in new assistance to debt-laden Ireland. The International Monetary Fund said it had completed its latest review of the country's progress under the 85-billion-euro ($121-billion-dollar) European Union bailout package for the country, and was ready to release the newest tranche of its rescue loan. "Ireland is making progress in overcoming the worst economic crisis in recent history," the world financial body said in a statement. The review had been delayed by a political upheaval sparked by the country's economic collapse, which led to a new government being elected in March. IMF deputy managing director Naoyuki Shinohara said the country's reform programme was "off to a strong start." "Resolute ...

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

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