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17/06/2014
Progress Continues In Resolving Ireland's Fiscal Crisis - IFAC
Significant progress continues to be made in resolving Ireland's fiscal crisis, according to the Irish Fiscal Advisory Council (IFAC).
The borrowing capacity of the State has been restored, growth has resumed and Ireland successfully exited the EU-IMF assistance programme on schedule. However a number of challenges still remain. These centre on risks surrounding growth prospects and the difficulties in delivering a sustained period of expenditure restraint in the face of demand pressures on public services.
Looking ahead to Budget 2015, the planned €2 billion adjustment should be implemented. There are three main reasons: to reduce risks surrounding debt sustainability by putting the debt-to- GDP ratio on a firm downward path; to help to ensure that Ireland successfully exits the Excessive Deficit Procedure in 2015; and to protect hard-won gains in borrowing capacity.
The Chair of the Irish Fiscal Advisory Council, Professor John McHale, said: "It is important that the Government follows through on its commitments to implement the €2 billion of additional measures in 2015."
(CD/IT)
The borrowing capacity of the State has been restored, growth has resumed and Ireland successfully exited the EU-IMF assistance programme on schedule. However a number of challenges still remain. These centre on risks surrounding growth prospects and the difficulties in delivering a sustained period of expenditure restraint in the face of demand pressures on public services.
Looking ahead to Budget 2015, the planned €2 billion adjustment should be implemented. There are three main reasons: to reduce risks surrounding debt sustainability by putting the debt-to- GDP ratio on a firm downward path; to help to ensure that Ireland successfully exits the Excessive Deficit Procedure in 2015; and to protect hard-won gains in borrowing capacity.
The Chair of the Irish Fiscal Advisory Council, Professor John McHale, said: "It is important that the Government follows through on its commitments to implement the €2 billion of additional measures in 2015."
(CD/IT)
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