Minister for Finance Michael Noonan has said responsibility for continuing to restore Ireland's economic fortunes is being passed back to the Government.
The Troika is due to conclude its visit to Ireland today ahead of exiting the bailout programme on 15 December.
Minister for Public Expenditure Brendan Howlin has said it was an "historic day many predicted we wouldn't reach".
Officials from the European Union, the European Central Bank and the International Monetary Fund are expected to endorse Ireland's achievements under the programme.
However, the inspectors are also likely to highlight areas where they feel more could have been done, such as tackling the mortgage arrears crisis.
The question still remains whether the Government will apply for a precautionary line of credit from the Troika.
Speaking at a press conference today, Mr Noonan said a decision on a possible backstop will be made before exiting the bailout.
He said the Government had a choice between a precautionary line of credit or a clean exit.
"It was not a personal choice", he said, adding that the decision will be made based on economic evidence.
He said the bailout programme was "difficult and hard on the Irish people".
The credit line would be emergency funding of €10 billion, which could be used in the event that Ireland cannot raise money from the bond market.
Elements within the EU, ECB and IMF believe it would be less risky if Ireland had access to the funding as it emerged from the bailout.
But discussions on Ireland's potential application for a precautionary line of credit are being complicated by the delay in the formation of a new German government.
The Department of Finance maintains that no decision will be made on whether it should apply for the funding until next month. Germany would have to sign off on any new arrangement because it would be a significant donor to the credit line.
But Chancellor Angela Merkel is not expected to form a new administration until Christmas.
IMF says Budget figures are in line with profiles
Ireland's recovery remains on track and the Budget figures for this year are on profile and within targets, according to the International Monetary Fund.
Speaking on the publication of the organisation's 12th and final review under the country's bailout programme, Craig Beaumont - the Ireland mission chief at the IMF - said that among Ireland's achievement's over the three years of the programme was regaining market access and making real progress on the budget.
But he added that Ireland's growth is disappointing and "not what was anticipated".
Mr Beaumont said the country's economic growth figures did not meet original programme projections, but that the external environment had been much worse than expected.
He said that while the banking sector was much improved, much work remains to be done on non-performing loans and mortgages.
The IMF also noted high unemployment and said more programmes, including training, need to be made available to the unemployed.
Critical time for Ireland - Kenny
Taoiseach Enda Kenny also said today was a historic day and that Ireland has come from a very difficult period.
He was speaking after meeting Italian Prime Minister Enrico Letta in Dublin.
The two men discussed the bailout and youth unemployment, as well as the forthcoming Italian EU presidency.
The Taoiseach said Italy is supportive of Ireland as it exits the bailout in the coming weeks.
Mr Kenny said this is a critical time for Ireland and Europe.
Mr Letta said it was a "new era" for Ireland and he wished the Government well.
Former IMF official backs credit line
Meanwhile, former deputy director of the IMF Donal Donovan has said there would be "no harm" in applying for a financial "backstop" following the country's exit from the bailout process next month.
Speaking on RTÉ's Morning Ireland, Mr Donovan said he did not believe the "final word" has been given in relation to the possibility of an additional credit line.
He said: "The Fiscal Advisory Council has supported the idea that the Government would seek such a backstop, mainly because of insurance.
"I personally also think it is no harm for there to be continued monitoring of the Irish economy."
Mr Donovan said the extension was a technical change, which gives flexibility to the Government ahead of any decision.
"We all know the role the German coalition negotiations could have on this," he said.
"I don't think the Government should take a decision until it has all the elements in its mind, including what might happen in the negotiations."
Call for deeper reform
The National Economic and Social Council, which advises the Government on strategic issues for economic and social development, has said Ireland needs deeper reform and further institutional innovation.
The NESC is publishing its latest report, Ireland's Five Part Crisis, five years on.
It found that while there has been progress in many areas, some factors continue to limit Ireland's recovery.
The NESC said that the focus needs to turn to delivering a quality public service in the future, which must be done through substantive rather than budget-driven reform.
Director Dr Rory O'Donnell said Ireland had undergone a difficult adjustment under the bailout programme but must now continue to apply the discipline learnt during the last five years.
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