IMF director to meet Noonan and Howlin today

The head of the IMF mission to Ireland is to meet the Finance Minister Michael Noonan and the Minister for Public Expenditure Brendan Howlin today.

Ajai Chopra, deputy director of the IMF's European department, is expected to discuss the new Government's austerity plans, and will receive the latest information on the cost of the bank bailout.

The new Government will also outline its plans for a renegotiation of the EU/IMF interest rate with Mr Noonan stating last night that he is confident a downward revision on the EU/IMF bailout loan interest rate can be achieved.

They will also discuss the banking crisis with the results of stress tests on Irish banks due shortly, to indicate how much money will have to be pumped into the system before the banks are stable again.

Mr Chopra and his team from the IMF met with Department of Finance officials yesterday evening.