IMF approves 4.3 billion USD disbursement for Ireland’s financial bailout

The International Monetary Fund (IMF) announced Monday that it has approved 4.33 billion U.S. dollars to Ireland, part of the international financial assistance efforts for the debt-stricken nation.

The IMF’s Executive Board on Monday completed the fifth review of Ireland’s performance under a multi-year bailout package, and the completion of the reviews enables the immediate disbursement of 4.33 billion U.S. dollars, equivalent to 2.786 billion IMF special drawing right (SDR), the IMF said in a statement.

This is the latest effort of the global financial support for the debt-mired country under a 85 billion euros (114 billion U.S. dollars) global bailout program set in December 2010. A major chunk of the massive financing program came from Ireland’s European partners.

“The Irish authorities continue to advance wide-ranging reforms to restore the health of the financial system so it can support Ireland’s recovery,” said the IMF, adding that steps to support growth and job creation were being put in place.

“The Irish authorities have continued strong implementation of their program despite deteriorating external conditions, meeting 2011 fiscal targets with a margin and advancing structural reforms to support growth and job creation,” said David Lipton, IMF’s first deputy managing director.

“To support a renewal of sound lending and domestic demand recovery, financial sector reforms must continue to rebuild long-term viability of the banks and improve the quality of their balance sheets,” Lipton cautioned.