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IMF issues more loans to Republic

More than €3.2bn (£2.7bn) in loans is being released to the Republic following a review of the bailout by the International Monetary Fund.

The latest release of funds followed a fifth review of Ireland's performance and brings the IMF's loans up to €16bn (£13.5bn) over three years.

Acting IMF chairman David Lipton said the Irish authorities have continued strong implementation of their programme despite deteriorating external conditions.

They also met 2011 fiscal targets with a margin and advanced structural reforms to support growth and job creation, he said.

"The Irish authorities have responded by raising the fiscal consolidation effort adopted in Budget 2012, and the budget remains on track to meet an unchanged general government deficit target of 8.6% of GDP," said Mr Lipton.