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Ireland has had a long-standing relationship with the International Monetary Fund (IMF) since its entry into Fund membership on 8 August 1957. [2] Ireland has both contributed to and used IMF resources, as well as participated in IMF decision-making, with, as of 2017, a 0.71% voting power. [3]
Once the dust had settled, Ireland, like other countries, joined the World Bank to procure loans to rebuild their economies and infrastructure. Like a majority of countries in the world, Ireland was hit by the global financial crisis of 2007-2008: the most severe since the Great Depression of the 1930s. [1]
On 28 November 2010, European Commission, European Central Bank (ECB) and the International Monetary Fund (IMF), colloquially called the European Troika, agreed with the Irish government in a three-year financial aid programme on the condition of far-reaching austerity measures to be imposed on the Irish society in order to cut government expenditure.
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The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability.
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