The two governments have greeted the IMC's comments in relation to Provisional IRA activity.
Taoiseach Bertie Ahern "warmly welcomed" the report's findings. "These positive and clear-cut findings are of the utmost importance and significance," he said.
British prime minister Tony Blair said: "The IRA has done what we have asked it to do," and he looked to next week's talks at St Andrews in Scotland. "While issues like policing remain to be resolved, the door is now open to a final settlement which is why the talks next week in Scotland are so important," he added.
A British government statement accepted that the Northern parties would take time to make their own assessment, but added: "[ The report] presents a unique opportunity for this generation to reach that final solution, an opportunity the government hopes the parties will now seize."
Sinn Féin president Gerry Adams said it was not the sole responsibility of republicans to deliver. "What this is all about is trying to ensure that the process of change continues. We are very much a part of that and agents of that change. There is a huge onus on the two governments and the other parties to play their part."
DUP leader Ian Paisley claimed the moves to wind down the capability of the Provisional IRA were a direct result of sustained Democratic Unionist pressure.
"Sinn Féin/IRA know that they can no longer expect to be engaged in terrorist and criminal activity and be in government in Northern Ireland. Our unyielding approach forged by the strong mandate, given to us in successive elections, has brought about the progress that the IMC reports."
However, he insisted more progress was needed. "There can and will be no toleration for those who are half in and half out of the democratic club. They and they alone have the ability to convince the people of Northern Ireland of their bona fides."
Dr Paisley was supported in this by North Belfast MP Nigel Dodds who said: "Our strong stance is delivering results. We need to work at it. We are working, we are winning, we are delivering. We need to ensure that the job is completed."
SDLP leader Mark Durkan and Alliance leader David Ford said the report put the DUP in a key position.
Mr Durkan said: "It is time the DUP recognised the progress that has been made and the transformed situation that we are in. We now have the opportunity to restore the [ Stormont] institutions and get devolution back." The DUP must now accept restoration "now, and without any preconditions".
Mr Ford asked of the DUP leadership: "How realistic is it to chase perfection? There is a law of diminishing returns in how much further reports of this kind can go." He said Dr Paisley's party ran a risk of "passing up the opportunity for devolution".
For the Ulster Unionists, deputy leader Danny Kennedy said: "The onus must now be on Sinn Féin to do the heavy lifting on policing. It's all very well and good saying the IRA are disbanding certain structures, but the key is for Sinn Féin to now fully endorse the PSNI and all policing structures. Dribbling the ball on this issue for party political gain isn't good enough."
The Irish Catholic bishops said yesterday they hoped there would be a constructive atmosphere at the all-party political talks in Scotland next week.
They asked that prayers would be offered for the success of these peace talks and warmly welcomed the IMC report on paramilitary activity in Northern Ireland, which concluded that there is now convincing evidence of the IRA's commitment to the political path.