The report assesses compliance with the terms and conditions set out in the Memorandum of Understanding as updated following the Seventh Review of the Portuguese Economic Adjustment Programme. The assessment is based on the findings of a joint European Commission (EC)/European Central Bank (ECB)/International Monetary Fund (IMF) staff mission to Lisbon between 16 September and 3 October 2013.
The mission concluded that the programme implementation is broadly on track. The end-2013 fiscal deficit target of 5.5 percent of GDP is within reach. Several economic indicators point to an economic recovery and the authorities are committed to implement the required fiscal and structural reforms to recuperate sustainable growth.
The Programme's financing envelope remains sufficient. Approval of the conclusions of this review will allow the disbursement of EUR 5.6 billion (EUR 3.7 billion by the EU and EUR 1.9 billion by the IMF), bringing the total amount disbursed to Portugal to EUR 72 billion representing more than 90 percent of total available financial assistance.
|ISBN 978-92-79-31389-9 (online)|
Occasional Papers are written by the staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and cover a wide spectrum of subjects. Views expressed in unofficial documents do not necessarily reflect the official views of the European Commission.