After this morning's IEA meeting with Government officials as part of the Renew Partnership discussions, John Whelan, Chief Executive of the Irish Exporters Association (IEA) stated:

:We were assured that the major challenges facing exporters in terms of credit insurance, stimulus funding for exporters generally but in particular for those trading with the Sterling area, would be addressed in an Economic Renewal package that would be announced on the 7^th April.:

Arising from the meeting, there was acceptance by the IEA that the Governments three top priorities were:

>Stabilising the banking system
>Public Finances
>Restoring Irelands economic competitiveness through an Economic Renewal stimulus.

"However," stated John Whelan, "Government accepted that export sales are being lost and jobs being terminated on a daily basis, which were adding to the Public Finance deterioration. Hence, the economic imperative to, without further delay, introduce the Economic Renewal stimulus package."

The IEA further advised that the Government officials advised their most recent review of the state of the economy was as follows:

>Irish GDP will fall by 6.5% in 2009

>Inflation will be Minus 3.5% average across the year 2009

>Unemployment would rise from 350,000 at end of February to approx 500,000 by year end

>Government Deficit for 2009 would be in region of 12% of GDP

>Interest payments by Government on borrowings would rise form the current level of 5% of Tax Revenue to 12% by year end.

>The Budget would focus on tough choices between current and capital expenditure and taxation.

Further meetings are expected across the week end and we will keep you appraised of the outcome asap.

John Whelan
CEO
Irish Exporters Association

For more information, please contact John Whelan as below:

Phone: 01 661 2182

Mobile: 087 927 1243