Portugal: Request for a Three-Year Arrangement Under the Extended Fund Facility
IMF Staff Country Reports, June 7, 2011
Source details
- Canonical URL
- Portugal: Request for a Three-Year Arrangement Under the Extended Fund Facility
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Bibliographic details
- Published: June 7, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455277537.002
Overview
- Portugal's economy faced severe crisis during the global economic and financial crisis.
- Portugal's authorities proposed an economically well-balanced program focused on:
- structural reforms to boost growth and employment,
- ensuring balanced fiscal sustainability,
- safeguarding financial stability, and
- preventing a credit crunch.
- The Executive Board of the International Monetary Fund welcomed the program and approved a three-year arrangement under the Extended Fund Facility for Portugal.
- Publication date: June 7, 2011.
Key findings and focus areas
- Structural reforms aimed to boost growth and employment.
- Fiscal measures aimed to ensure balanced fiscal sustainability.
- Financial-sector measures aimed to safeguard financial stability and prevent a credit crunch.
Policy recommendations and program features
- Implement a program combining structural reforms, fiscal consolidation, and financial-stability measures.
- Prioritize measures that:
- support growth and employment through structural reform,
- restore and maintain fiscal sustainability, and
- protect the banking system from a credit crunch.