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Post-Programme Surveillance of Portugal

In June 2014, Portugal exited its three year Economic Adjustment Programme which included the implementation of an ambitious reform agenda and contributed to regaining economic growth and restoring investor confidence for the sovereign.

Portugal is now under post-Programme surveillance (PPS) until at least 75% of the financial assistance received has been repaid. PPS may last at least until 2026. The objective of PPS is ultimately to measure Portugal's capacity to repay its outstanding loans to the EFSM and EFSF.

Under PPS, the European Commission (EC), in liaison with the European Central Bank (ECB), will launch regular review missions to the Member State to analyse economic, fiscal and financial developments; and report semi-annual assessments which may recommend further measures when necessary.

Overview of disbursements

The Portuguese government decided to lapse the Programme without disbursement of the full amount of the assistance (finally €24.3 billion of €26 billion was requested). This decision was publicly announced by the government on 12 June 2014. The concluding EFSM disbursement took place on 12 November 2014.

Overview of EFSM loan disbursements to Portugal



Raised on

Disbursed on

€ 0.4 bn

15 yr

5 Nov. 2014

12 Nov. 2014

€ 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

€ 1.0 bn

25 yr*

25 May 2011

01 June 2011

€ 2.25 bn

20 yr*

25 May 2011

01 June 2011

€ 1.5 bn

12 yr*

25 May 2011

01 June 2011

€ 1.75 bn

10 yr

24 May 2011

31 May 2011

* The original maturity of 5 years of the EFSM loan of €4.75bn raised on 25 May 2011 and disbursed on 01 June 2011 to Portugal was extended in three tranches, in line with Council Implementing Decision 2013/323/EU.

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

Programme for Portugal

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. It covered the period 2011 to mid-2014 and included a joint financing package of €78 billion, €26 billion of which provided by the EU/EFSM, €26 billion by the EFSF and about €26 billion provided by the IMF.

The Programme contained 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 Assessment pdf Choose translations of the previous link , 15 May 2014


The aid was provided on the basis of a three-year policy Programme for the period 2011 to mid-2014.
The Economic Adjustment Programme included:

  • 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 was financed as follows:

  • EFSM (by end of 2014: €24.3 billion disbursed)
  • EFSF (by end of 2014: €26 billion disbursed)
  • IMF (by end of 2014: €26.5 billion disbursed)

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

Key documents

News articles and press releases

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