金融英语阅读：IMF chief strongly support Irish bailout plan
BRUSSELS, Nov. 28 (Xinhua) -- The International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said on Sunday he strongly supports an international bailout plan for debt-laden Ireland."We strongly support the economic program announced today by Ireland," the IMF chief said in a joint statement with European Union (EU) Economic and Monetary Affairs Commissioner Olli Rehn.
"It is a forceful response to vulnerabilities in the banking system imposing a heavy cost on the budget and, in turn, hurting the prospects for growth that Ireland needs for an enduring solution to the crisis," said the statement.
EU finance ministers approved an aid package totaling 85 billion euros (113 billion U.S. dollars) to Ireland on Sunday after the country plunged into a similar debt crisis as Greece due to its crippled banking sector.
Among the 85 billion euros, 10 billion euros (13.2 billion dollars) would be used for immediate recapitalization of Irish banks, 25 billion euros (33 billion dollars) on a contingency basis for banking system supports, and 50 billion euros (66 billion dollars) covering budget financing needs of the Irish government.
In exchange for the aid, Dublin has to reduce its excessive deficit, which was expected to be as high as 32 percent of gross domestic product (GDP) this year, to below three percent by 2015, and carry out structural reforms.
"Swift and sustained implementation of this program will create a smaller banking sector that is robust and well capitalized, and able to serve the needs of Ireland's economy," Strausse-Kahn and Rehn said.
They said Ireland's international partners, including the IMF, would support this effort.
The Washington-based IMF was expected to contribute 22.5 billion euros (29.8 billion dollars) to the total bailout of Ireland.
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