Lenihan welcomes IMF support for NAMA proposal

Finance Minister Brian Lenihan has described yesterday's IMF report on the Irish economy as a vote of confidence in the Government's handling of the financial crisis.

The report criticised the stoking of Ireland's property boom in recent years and said that, as a result, the Irish economy will contract by more than any other in the developed world.

The opposition says the global financial watchdog has issued a damning indictment of the Government's handling of economic matters.

However, speaking in Dublin this morning, Mr Lenihan said he was happy that the IMF had supported his plan to establish a National Assets Management Agency to remove toxic debts from the financial system.