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Finance Minister Michael Noonan welcomed the publication today (10th September 2012) by the IMF of it 2012 Article IV Review. This Review sets out the detail of the issues which were previously presented in the Concluding Statement of the IMF Article IV Mission, published on 18th July.

The Article IV review is separate to the Quarterly Troika Programme Review Mission undertaken by the IMF in conjunction with the EU Commission and ECB. This Review, which is strategic in its focus, is an important and comprehensive assessment of the Irish Economy and considers policy options in a medium to longer term context. The Article IV process is one element of Ireland’s normal engagement with the IMF as part of our membership of the Fund and the recommendations will be examined in detail.

Commenting on the Publication of the Article IV Review Minister Noonan stated:

I welcome today’s publication by the IMF of their Article IV review. This Review is an important and comprehensive assessment of the Irish Economy by the IMF and the full contents of the Review will be carefully considered in the context of our overall policy development in the medium term.

The recognition by the IMF of the progress that has been made in both restoring order to the public finances and stabilising the banking sector is welcomed. In addition, the IMF Staff also points out that consolidation to date has been progressive in terms of protecting the most vulnerable and the Government will continue to be guided by the principle of fairness in its policies.

In relation to the on-going challenges that the Irish economy faces, the IMF highlight the high level of public and private sector debt and we are committed to addressing these issue.

In addition the IMF emphasise that Ireland’s continued recovery will be influenced by developments in the eurozone. I will continue to work with my European colleagues to find solutions to the problems facing Ireland and the eurozone.