Cover IMF Staff Country Reports
Buy Book in Print
Portugal: Tenth Review Under the Extended Arrangement and Request for Waivers of Applicability of end-December Performance Criteria
Author:
International Monetary Fund. European Dept.
Search for other papers by International Monetary Fund. European Dept. in
Current site
Google Scholar Close
Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2014: Issue 056
Language:
English
Publication Date:
19 Feb 2014
DOI:
https://doi.org/10.5089/9781484307731.002
ISBN:
9781484307731
ISSN:
1934-7685
Pages:
94
Keywords:
ISCR; CR; EFF arrangement; authority; General government deficit; Portugal's IMF quota; State tax revenue; drug expenditure; State budget; Credit; Loans; Public sector; Global; Europe
Download PDF (2.3 MB) Download Epub
This paper discusses Portugal’s Tenth Review Under the Extended Arrangement and Request for Waivers of Applicability of End-December Performance Criteria (PCs). The short-term outlook for Portugal has improved and program implementation remains on track, notwithstanding another adverse Constitutional Court ruling. Stronger domestic demand is supporting a pickup in activity and lower unemployment. A broad-based recovery in sentiment has led to a decline in yields, allowing Portugal to issue a five-year bond on favorable terms. The end-September 2013 quantitative PCs were met, and preliminary estimates suggest that the end-December 2013 targets were also met. The IMF staff supports the authorities’ request for completion of the 10th review and for waivers of applicability of the end-December PCs.
  • Collapse
  • Expand
Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund