The IMF took Financial and political control of Ireland since 1010 when following the financial crash it bailed out Ireland. It has now told the Government in its recent inspection of its minions that far too many people can to object to planning decisions in a process that is far too costly and cumbersome. The IMF who are still firmly in charge of Irelands affairs if the truth be known made its assessment following meetings with government ministers and officials that included the Minister for Finance, the Minister for Public Expenditure, the Attorney General and the Central Bank governor.
In Praise of Globalism
In a blatant plug for its buddies the IMF praised the international property funds that have distorted Ireland’s property market and said the construction sector would be worse off without the presence of international property funds, claiming they have helped stimulate construction and complaining that they are too easy a political target. The fact they have become a new absentee landlord class that have priced Irish buyers out of the home buying market and driven Dublin rents to crazy levels doesn’t even register in their globalist thinking.
Deregulate the Housing Sector
The IMF questioned why it takes five years to qualify trades people, claiming that this length of time is a barrier to new entrants to the sector. Going back to the housing sector it pointed to the shortfall in housing as a barrier to attracting overseas workers.
It told the Government to deregulate the housing sector to stimulate the supply of much-needed housing. The IMF told the government to remove red tape to encourage international players into the construction sector. They have the Attorney General Paul Gallagher reviewing Irelands planning legislation, and he is due to report back to Taoiseach Micheál Martin by the end of the year who will undoubtedly keep his IMF masters informed.
The Government is already bypassing planning legislation to accommodate Ukrainian refugees. In its annual statement on Thursday the IMF’s mission chief for Ireland, Khaled Sakr, emphasised that Ireland’s housing supply policies “should be further strengthened, with a focus on boosting productivity in the construction sector and improving zoning and the permits processes”.
In relation to Ireland’s Housing for All plan Mr Sakr said the IMF wanted to see it’s ‘timely implementation’ while pressing the need for ‘further emphasis on policies aimed at enhancing productivity and competition in the construction sector, further improving dissemination of data on local zoning, and simplifying the process to obtain permits’.
Mr Sakr criticised Housing Minister Darragh O’Brien’s First Home shared equity scheme involving the State taking a 20% equity stake in first-time buyers ‘new-build homes.
“While the First Home affordable purchase shared-equity scheme — aims to support first-time home buyers, it does not address the key issue, which is the supply bottlenecks. Therefore, it would be important to keep the scheme narrowly targeted and limited in size to prevent further upward pressures on prices,” Mr Sakr wrote.
A miffed O’Brien’s spokeswoman defended his scheme saying it will be “targeted, time and finance limited and subject to regional price caps in order to immediately activate supply, counter any inflation risk and unlock realisable demand” whatever that means.
Backing the Bankers
The IMF also wants the removal of caps on bankers’ pay and an end to the high bonus taxation of 89% on banker’s bonuses. They want to end the banking levy.
The IMF gave an upbeat assessment of Ireland’s economy and predicted a large reduction in the country’s debt over the next five years. The debt is presently above 100% of gross national income, an indicator designed to measure the economy’s size by excluding globalisation effects. The IMF predicts a national debt fall of 40% of gross national product by 2027. While accounting for inflation it indicates an opportunity for further spending on high quality infrastructure, education, up skilling and green areas due to our healthy public finances. The IMF lauded the Government’s climate change targets while seeking further detail on how the targets will be achieved.
The Cost of Living
In relation to the cost-of-living crisis, the IMF said that any further cost of living interventions by the Government should be ‘carefully targeted’ a warning not to support the plebs in distress. The IMF lectured that there is a ‘fine balance’ to be found in supporting growth and the vulnerable while not contributing further to inflation. The Government were also told to broaden and deepen their support of the multinational sector for the benefit of the domestic economy.
The IMF are Pulling the Shots
The government kept a straight face while being lectured to like errant children by the IMF but Finance Minister Paschal Donohoe couldn’t hold it and went off on a whinging tangent claiming that the Russian invasion of Ukraine presented ‘a new set of complex and interrelated challenges’ for the economy. He wasn’t finished yet and went on; “While the Government is continuing to provide targeted support to households to address the challenges facing the country, it must be stressed that resources are limited and that fiscal policy must be carefully balanced to avoid further inflationary pressures and a harmful wage-price spiral.”
What was made perfectly clear by the IMF utterances and stark instructions to the Irish Government is that the IMF are still in charge of the country like a business in administration. The Irish government might not grin but they will have to bear it. Mum’s the word lest the plebs find out.