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IMF hails progress in Irish economy

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The International Monetary Fund said it is disbursing 1.58 billion euro more in loans to Ireland

The International Monetary Fund said it is disbursing 1.58 billion euro more in loans to Ireland

The International Monetary Fund said it is disbursing 1.58 billion euro more in loans to Ireland

The International Monetary Fund said it is disbursing 2.24 billion US dollars (1.58 billion euro) more in loans to Ireland after determining the country is making progress toward overcoming its worst economic crisis in recent history.

The agency said that with the latest disbursement, Ireland has received 10.19 billion US dollars (7.20 billion euro) under a three-year IMF rescue package approved in December for a total of about 30.9 billion US dollars (21.8 billion euro).

The European Union is also providing about 90 billion US dollars in bailout loans to Ireland.

The IMF said Ireland is making a strong start toward putting its battered economy on track.

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