Portugal: Tenth Review Under the Extended Arrangement and Request for Waivers of Applicability of end-December Performance Criteria

February 19, 2014

Preview Citation

Format: Chicago

Portugal: Tenth Review Under the Extended Arrangement and Request for Waivers of Applicability of end-December Performance Criteria, (USA: International Monetary Fund, 2014) accessed October 7, 2024

Summary

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.

Subject: Banking, Credit, Economic sectors, Financial institutions, Labor, Loans, Money, Public debt, Public sector, Stress testing

Keywords: Authority, CR, Credit, Drug expenditure, EFF arrangement, Europe, General government deficit, Global, ISCR, Loans, Portugal's IMF quota, Public sector, State budget, State tax revenue

Publication Details

Pages:

94
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/056
Stock No:

1PRTEA2014001
ISBN:

9781484307731
ISSN:

1934-7685

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