Ire­land fac­ing tough an­nual bud­get

The Pak Banker - - Company& -

DUBLIN: Cri­sis-hit Ire­land, buck­ling un­der huge debts, will this week launch its 2011 bud­get to slash spend­ing and lift tax­a­tion, as part of on­go­ing ef­forts to se­cure a huge EU/IMF in­ter­na­tional res­cue pack­age. Ir­ish Fi­nance Min­is­ter Brian Leni­han is due on Tues­day to ad­dress the Dail, or lower house of par­lia­ment, and is ex­pected to un­veil sav­ings of about six bil­lion eu­ros.

Tues­day's state­ment will be the first in a se­ries of bud­gets to im­ple­ment a com­bined fis­cal correction of 15 bil­lion eu­ros over the next four years. Leni­han is seek­ing to slash Ire­land's pub­lic deficit from about 32 per­cent of GDP this year --a record high for the eu­ro­zone --to be­low the tar­get deficit of 3.0 per­cent by 2015. The for­mer Celtic Tiger nation wants to win a huge res­cue pack­age of up to 85 bil­lion eu­ros from the Euro­pean Union and the IMF to help fix its dev­as­tat­ing debt cri­sis. -PB News

KABUL: Fed­eral Min­is­ter for In­te­rior Sen­a­tor A. Rehman Ma­lik and his Afghani coun­ter­part Gen. Bis­mil­lah Muham­madi speak­ing to me­dia per­sons at Min­istry of In­te­rior in Kabul, Afghanistan. -On­line

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