THE ACTING HEAD of the International Monetary Fund (IMF) has said that Ireland’s economic recovery programme “appears to be on track” today.
John Lipsky said there were positive signs in the Irish economy such as a return to export growth but added that the economy still requires what he called “forthright action by the Irish authorities to re-establish the basis for sustained growth,” RTÉ News reports.
He also added that the country’s economic recovery was a “difficult challenge”.
Lipsky was speaking in London where the IMF was delivering its verdict on the UK economy. Lipsky said that no changes were needed to the policies being implemented by chancellor George Osborne.
The verdict from the IMF said that whilst the UK’s weak economic growth and rising inflation had been “unexpected”, these developments were “largely temporary”, according to BBC News.
The IMF’s verdict on the UK economy comes despite warnings from some of the country’s top economists in The Observer yesterday that the path of drastic spending cuts by Osborne was not working.