Next month's Budget will reflect savings of IMF debt restructuring says local TD

A local Fine Gael TD has said that the refinancing of national debt owed to the IMF will be reflected in the forthcoming budget.

Deputy John Paul Phelan says that savings will be made, but will be spread out over three years.

The Carlow Kilkenny TD was speaking to KCLR at the Fine Gael annual Think in at Fota island in Cork.

Ireland stands to save 1.5 billion euro, if EU Finance Ministers apjohnpaulphelan1prove the Government’s plans to repay our IMF bailout loans ahead of schedule.

Yesterday Eurozone Ministers unanimously supported the plan, but all 28 European  finance Ministers are meeting in Milan today to discuss it in detail.

The move would see Ireland borrowing more money at a cheaper rate, and then using that money to repay the more expensive IMF loans.

Interest rates are much lower today, than they were in 2010 when Ireland’s bailout was negotiated.