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Programme for Portugal

The Economic Adjustment Programme for Portugal was agreed in May 2011. It includes a joint financing package of €78 billion and covers the period 2011 to mid-2014.

In 7 April 2011 Portugal requested financial assistance from the EU, the euro area Member States and the International Monetary Fund (IMF). An Economic Adjustment Programme was negotiated in May 2011 between the Portuguese authorities and officials from the European Commission (EC), the European Central Bank (ECB) and the IMF. The agreement on the programme was formally adopted on 17 May 2011 at the Eurogroup/ECOFIN meeting in Brussels. The Memorandum of Understanding and the Loan Agreement were signed thereafter.

The Economic Adjustment Programme for Portugal includes a joint financing package of €78 billion (EU/EFSM – €26 billion, Euro area/EFSF – €26 billion, IMF – about €26 billion). It contains reforms to promote growth and jobs, fiscal measures to reduce the public debt and deficit, and measures to ensure the stability of the country’s financial sector.

Portugal Programme Assessmentpdf(434 kB) Choose translations of the previous link , 15 May 2014

Facts and figures on the programme for Portugal


The aid will be provided on the basis of a three-year policy programme for the period 2011 to mid-2014.
The Economic Adjustment Programme includes:

  • structural reforms to boost potential growth, create jobs, and improve competitiveness;
  • a fiscal consolidation strategy, supported by structural fiscal measures and better fiscal control over public-private-partnerships and state-owned enterprises, aimed at putting the gross public debt-to-GDP ratio on a firm downward path in the medium term and reducing the deficit below 3 % of GDP by 2014;
  • a financial sector strategy based on recapitalisation and deleveraging, with efforts to safeguard the financial sector against disorderly deleveraging through market based mechanisms supported by backstop facilities.

Financial package:

The total (during three years) of up to €78 billion of the financial package is financed as follows:

  • €26 billion for each of
    • EFSM (by end of 2013: €22.1 billion disbursed)
    • EFSF (by end of 2013: €24.8 billion disbursed)
    • IMF (by end of 2013: €24.7 billion disbursed)

Programme disbursements are made over three years, under EFSM with an average maximum maturity of 19.5 years. IMF disbursements are subject to the Special Drawing Rights (SDR) rate developments.

EFSM loan disbursements

Overview of EFSM loan disbursements to Portugal



Raised on

Disbursed on

€ 1.8 bn

10 yr

18 Mar 2014

25 Mar 2014

€ 2.0 bn

15 yr

23 Oct 2012

30 Oct 2012

€ 2.7 bn

10 yr

26 Apr 2012

04 May 2012

€ 1.8 bn

26 yr

17 Mar 2012

24 Apr 2012

€ 1.5 bn

30 yr

09 Jan 2012

16 Jan 2012

€ 0.6 bn

7 yr

29 Sept 2011

06 Oct 2011

€ 2.0 bn

15 yr

22 Sept 2011

29 Sept 2011

€ 5.0 bn

10 yr

14 Sept 2011

21 Sept 2011

€ 4.75 bn

5 yr

25 May 2011

01 June 2011

€ 1.75 bn 

10 yr 

 24 May 2011

31 May 2011

Complementary disbursements have been made by the EFSF and the IMF.

Remaining disbursements will be subject to quarterly reviews by the Commission in cooperation with the IMF and in liaison with the ECB.

Programme reports 

News articles and press releases

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