Ireland to borrow €6bn over next two years

Minister for Finance Charlie McCreevy has said that spending, pay and costs must be brought under control.

He announced that Ireland will borrow €3bn in 2004 and again in 2005.

He said that the cut in budget surpluses has been because of the developments in the Middle East and the IT sector.

Minister McCreevy has said that Ireland must keep its inflation down.

He has also announced that there is to be a cap on workers in public services.

Five thousand jobs will be deducted over the period of the next five years.