DUBLIN (Xinhua) – Irish Finance Minister Michael Noonan said on Friday his country will repay 9 billion euros (11 billion US dollars) of the bailout loans it owed to the International Monetary Fund (IMF) by the end of the year.
“On Monday Ireland will inform the IMF of its intention to repay the first tranche repayment of approximately 9 billion euros,” Noonan said.
“To facilitate an orderly settlement, the repayment will occur on two separate dates in December 2014. This transaction alone will save 750 million euros over the lifetime of the IMF loans and further enhance the sustainability of our national debt,” he said.
Ireland recently secured agreement from the European Union (EU) to pay the IMF before it repays aid from the EU bailout funds.