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Report: Ireland plans €8B infusion for 'rainy day fund'

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Report: Ireland plans €8B infusion for 'rainy day fund'

Ireland plans to inject 8 billion into its recently approved "rainy day fund" over the medium term to give the Irish economy a cushion against future shocks, Reuters reported, citing the country's finance minister, Paschal Donohoe.

Donohoe said he will set aside the first €500 million as part of his budget for 2019, which will be unveiled in October, the report noted.

"We have many other needs that we have to meet each year but given how low the deficit is at the moment and given where our tax revenues are, I think it is appropriate to create an additional fund and an insurance policy for the kind of thing that we are not able to plan for at the moment," Donohoe told the Newstalk radio station, as reported by Reuters.

The contingency fund, which was rolled out in 2016, was approved by the country's cabinet May 22.

In 2017, Donohoe said he would set aside €1.5 billion in seed funding from the country's sovereign wealth fund, the Ireland Strategic Investment Fund, and add 500 million annually over the next three years, Reuters reported.