Portugal: Seventh Review Under the Extended Arrangement and Request for Modification of End-June Performance Criteria—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Portugal

International Monetary Fund

No 2013/160, IMF Staff Country Reports from International Monetary Fund

Abstract: Portugal's program implementation is on track despite difficult economic conditions and significant legal challenges. The markedly weaker economic outlook provides a strong case for recalibrating the program’s fiscal targets. This strong adjustment effort needs to be consolidated by sustained fiscal structural reforms. Continued vigilance is warranted to secure financial stability. A more competitive economy for sustainable recovery requires addressing nominal rigidities forcefully. Program success also hinges on continued external support and effective crisis management policies at the euro area level.

Keywords: ISCR; CR; EFF arrangement; IMF quota; implementation; reform; SDR; executive board discussion; core solvency ratio; restructuring plan; recapitalization process; Loans; Credit; Debt restructuring; Securities; Global (search for similar items in EconPapers)
Pages: 98
Date: 2013-06-13
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