Irish Finance Minister Brian Lenihan said Britain and Sweden have also offered to help fund the package.

The EU and euro area financial support will be provided under a strong policy program which will be negotiated with the Irish authorities by the European Commission and the IMF in liaison with the European Central Bank.

The program will address the budgetary challenges of the Irish economy in a decisive manner on the basis of the ambitious budgetary adjustment and comprehensive structural reforms that will be contained in the Irish government's Four-Year Budgetary Strategy.

Cowen said the Irish government will publish its four-year recovery plan for the economy early next week.

The Irish government held a cabinet meeting on Sunday afternoon to sign off on the details of the four-year strategy to deal with the debt crisis.

The plan is designed to bring Ireland's budget deficit back to within 3 percent of GDP by 2014.

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