#news: IMF postpones Ireland bailout loan after parliamentary approval

WASHINGTON, Dec. 10 (Xinhua) -- The International Monetary Fund (IMF) announced on Friday that its executive board had decided to postpone consideration of the proposed Irish bailout loan after the Irish parliamentary debate.

"The Government of Ireland decided to table a motion on the EU- IMF Financial Assistance Program for Ireland in the Irish Parliament. The vote on this motion is scheduled for Wednesday, December 15, 2010. In deference to Ireland's parliamentary process, the IMF has decided to postpone consideration by its Board of the proposed loan under the Extended Fund Facility until after the debate," the IMF said in a statement.

Finance ministers of the 27-member European Union (EU) earlier this week approved the aid package totaling 85 billion euros (113 billion U.S. dollars) to debt-crippled Ireland after an emergency meeting on Nov. 28. According to the aid package, Ireland will draw 62.7 billion euros from the 750-billion-euro safety net set up in May jointly by the EU and the IMF to support Ireland's banking sector and budget financing needs.

A spokesperson of the Washington-based agency noted that assuming parliamentary support for the package, the IMF Managing Director could recommend approval by the IMF Executive Board of the proposed 22.5 billion euros of IMF loan as early as December 16.

The IMF said it welcomed the first implementation measures of the 2011 budget recently been passed by the Irish Parliament to enhance the fiscal consolidation.

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