The International Monetary Fund (IMF) has announced plans to give the Republic of Ireland a further loan of four billion pounds over the next three years. This announcement comes as the Irish economy shows signs of stabilizing after new spending cuts were recently implemented. In addition to spending cuts, a rise in tax has also been announced. This would take the level of tax in the Republic of Ireland to twenty nine percent, forcing some members of the Dali (Irish Parliament) to voice concerns that shoppers will go to the North instead. A cut in the number of public service workers is also expected.