Portugal: Staff Report for the 2003 Article IV Consultation
IMF Staff Country Reports, March 22, 2004
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- Portugal: Staff Report for the 2003 Article IV Consultation
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Bibliographic details
- Published: March 22, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451832167.002
Executive summary and main findings
- Portugal achieved progress in containing the fiscal deficit.
- Financial sector resilience was strengthened.
- Structural reforms were advanced.
- Executive Directors commended efforts to contain the fiscal deficit in line with the requirements of the Stability and Growth Pact.
- Executive Directors encouraged the authorities to implement the recommendations of the fiscal Report on the Observance of Standards and Codes (ROSC).
- Executive Directors urged moving toward comprehensive multiyear budget targets.
- Executive Directors underscored that a sustainable economic recovery hinges on strengthening competitiveness and on coping with the effects of euro appreciation.
Fiscal policy and public finance
- Containment of the fiscal deficit was a central achievement highlighted in the report.
- Recommendations from the fiscal Report on the Observance of Standards and Codes (ROSC) should be implemented.
- Move toward comprehensive multiyear budget targets was encouraged.
Financial sector and stability
- Progress noted in strengthening financial sector resilience.
- Financial sector measures were presented as part of overall stability efforts.
Structural reforms and competitiveness
- Structural reforms were advanced and identified as necessary for recovery.
- Strengthening competitiveness was emphasized as critical for a sustainable economic recovery.
- Coping with the effects of euro appreciation was highlighted as an important policy challenge.
Subject tags and keywords (as provided)
- Subjects: Asset and liability management; Asset management; Expenditure; Financial institutions; Fiscal policy; Fiscal stance; Loans; Public debt.
- Keywords: Asset management; asset sale; Central Africa; CR; deficit; deficit revision; East Africa; estimate; Europe; Fiscal stance; GDP; Global; high-frequency activity indicator; inflation differential; ISCR; Loans; Middle East; private sector; report.