The International Monetary Fund approved to release an amount of EUR1.4 Billion (US$1.76 billion) in loans to Ireland, the IMF said in a statement issued here late on Wednesday. The IMF said that Ireland's budget remained on track through the first five months of the year for the annual deficit targeted 8.6% of GDP. The statement said Ireland's policy implementation has continued to be steadfast and ownership of the program remains strong despite the considerable challenges the country is facing. It said that Irish bond spreads have risen in recent months to exceed the level at the outset of the EU-IMF program despite the financial tensions in the euro zone. IMF's loan to Ireland was approved on December 16, 2010 as a part of a financing package amounting to EUR85 billion (US$106.5 billion).