Mr. John Callinan:

My colleagues in the Department of Finance may want to speak specifically about engagement with the IMF. More broadly, much of what is said in the IMF report is consistent with the analysis that the Economic and Social Research Institute, ESRI, has produced for the Department of Finance itself which says, absent other policy changes, there could be a severe impact in a worst-case scenario. We would in turn anticipate policy responses to mitigate that impact. I will ask Mr. O'Connor to speak on the IMF and other issues.