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

International Monetary Fund

No 2014/056, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 94
Date: 2014-02-19
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