Just in time for the season of giving, the executive board of the International Monetary Fund last week completed its fourth review of Ireland's performance under an economic program supported by a three-year, €23.02 billion or $29.91 billion loan under the Extended Fund Facility.
The completion of the review enables the immediate disbursement of €3.91 billion, or $5.08 billion, bringing total disbursements under the EFF to date to about €13.07 billion, or $16.98 billion.
The loan arrangement for Ireland, which was approved on December 16, 2010, is part of the bailout financing package amounting to €85 billion (about $110.44 billion) which is supported by Ireland's European partners through the European Financial Stabilization Mechanism and European Financial Stability Facility, bilateral loans from the Britain, Sweden and Denmark, and Ireland's own contributions.
