The EU-IMF bailout fund for cash-strapped Ireland has been estimated to be "around 85 billion euros (113.5 billion U.S. dollars)," Budget Minister Francois Baroin said Wednesday.

The Ireland situation "is not yet stabilized" Baroin said during a press conference that followed a regular cabinet meeting.

The debt problem troubling Ireland generated from the banking sector rather than the public state, but the Irish government is set to unveil a four-year austerity plan Wednesday.

The austerity measures aim to slash 15 billion euros (20 billion dollars) in order to meet conditions the European Union and International Monetary Fund opened for a financial rescue package.