The report assesses compliance with the terms and conditions set out in the Memorandum of Understanding as updated following the Tenth 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 20 February and 28 February 2014. The mission concluded that the programme implementation is broadly on track. The 2013 budget deficit was 4.9 percent of GDP, significantly below the Programme target of 5.5 percent of GDP. Most of the economic indicators point to a continued 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 2.5 billion (EUR 1.6 billion by the EU and EUR 0.9 billion by the IMF), bringing the total amount disbursed to Portugal to EUR 77 billion representing roughly 97 percent of total available financial assistance.
|KC-AH-14-191-EN-N (online)||KC-AH-14-191-EN-C (print)|
|ISBN 978-92-79-35375-8 (online)||ISBN 978-92-79-36118-0 (print)|
|doi:10.2765/74784 (online)||doi:10.2765/77928 (print)|
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.