Ireland's Minister for Public Expenditure and Reform, Brendan Howlin, stated that after exiting the Eurozone bailout mechanism at the end of last year, the economy continues to achieve steady growth. In April of this year, Ireland will announce the establishment of the "Ireland Strategic Investment Fund," aimed at attracting foreign investment to boost the economy.
As part of a long-term fiscal reform, the Irish government established the Department of Public Expenditure and Reform in 2011. Upon taking office, Howlin introduced a public sector reform plan containing 200 key points, promoting layoffs, salary reductions, controlling government procurement, integrating public services, and developing e-government platforms. The second reform plan, released in January this year, announced that the new round of reforms will focus on improving the quality of public services and utilizing more new technological means.
Howlin's department has also led a series of legislative reforms in the political arena. The legislation includes increasing transparency for lobbying groups and strengthening protections for whistleblowers, "to reduce corruption and the sources of temptation for corruption."
Ireland's government deficit as a percentage of GDP is expected to fall below 5% this year and below 3% next year, with an anticipated GDP growth rate of about 2% this year. Howlin revealed that to further stimulate the economy, the Irish government will soon announce the establishment of the "Ireland Strategic Investment Fund" in April. It has been reported that the total amount of this fund will reach 6.8 billion euros.