Three years after requesting emergency financial assistance from the international community, Ireland is set to become the first Eurozone country to officially exit its international financial bailout program. Irish Finance Minister Michael Noonan described this achievement as "not the end of the process, but a very significant milestone."
In November 2010, Ireland, which was on the verge of bankruptcy due to the 2008 financial crisis, received a bailout package of 67.5 billion euros.
As a condition for receiving the aid, the Irish government strictly implemented austerity measures, pursued structural reforms, and worked to rebalance its economy, consistently meeting the requirements of the bailout program to date.
Ireland expects growth of approximately 2% next year, with the unemployment rate having fallen from its peak of 15.1% last year to below 13%.
The Irish government is confident that it does not require any precautionary credit support to withstand market shocks.
This is because, over the past 18 months, Ireland has raised sufficient funds through bond issuances to cover its needs through 2015.
IMF Managing Director Christine Lagarde commented that Ireland's performance has brought greater hope, noting that the Irish government has established a strong track record in policy implementation.