Portugal : First Review Under the Extended Arrangement

Journal Issue

Volume/Issue:: 2011/279
Series:: IMF Staff Country Reports
Author(s):: International Monetary Fund
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: September 2011
DOI:: http://dx.doi.org/10.5089/9781463902971.002
ISBN:: 9781463902971
ISSN:: 1934-7685
Page:: 111

Macroeconomic imbalances are large, and structural problems are deep-rooted in Portugal. The new government's strong commitment to program implementation is encouraging. Fiscal performance so far demonstrates the need to refocus the fiscal strategy on strong expenditure control, as envisaged under the program. To support activity, it is crucial to prevent an excessively rapid deleveraging of the banking sector. Ultimately, the success of the program hinges on opening up the economy and improving competitiveness. The European Council's renewed support enhances prospects for the program's success.

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Portugal: First Review Under the Extended Arrangement

Portugal: First Review Under the Extended Arrangement