Portugal: First Review Under the Extended Arrangement

International Monetary Fund

No 2011/279, IMF Staff Country Reports from International Monetary Fund

Abstract: Macroeconomic imbalances are large, and structural problems are deep-rooted in Portugal. The new government’s strong commitment to program implementation is encouraging. Fiscal performance so far demonstrates the need to refocus the fiscal strategy on strong expenditure control, as envisaged under the program. To support activity, it is crucial to prevent an excessively rapid deleveraging of the banking sector. Ultimately, the success of the program hinges on opening up the economy and improving competitiveness. The European Council’s renewed support enhances prospects for the program’s success.

Keywords: ISCR; CR; fast-track Emergency Financing Mechanism procedure; government; Portugal's IMF quota; plan; SDR; ruling government; social security system; capital plan; Credit; Fiscal risks; Global (search for similar items in EconPapers)
Pages: 111
Date: 2011-09-13
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