Portugal: Eleventh Review Under the Extended Arrangement, and Request for Extension of the Arrangement and Waivers of Applicability of End-March Performance Criteria

International Monetary Fund

No 2014/102, IMF Staff Country Reports from International Monetary Fund

Abstract: This Eleventh Review Under the Extended Arrangement and Request for Extension of the Arrangement focuses on Portugal’s macroeconomic framework and fiscal policy. Sovereign bond yields have declined sharply, buoyed by the improved economic outlook and increased investor appetite for higher yielding southern European debt. The recent upturn in domestic demand remains susceptible to changes in market sentiment and any renewed policy uncertainty. The operational performance of state-owned enterprises continues to improve, while the privatization program advances.

Keywords: ISCR; CR; government; EFF arrangement; drug expenditure; General government deficit; IMF quota; Portugal's IMF quota; funding constraint; fiscal consolidation effort; Consumption; Loans; Credit; Wages; Global; Southern Europe; General government financing requirement; Labor markets (search for similar items in EconPapers)
Pages: 87
Date: 2014-04-21
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