Arab Today, arab today eu imf warn of risk to portuguese budget targets
Last Updated : GMT 21:46:51
Arab Today, arab today
Arab Today, arab today

EU, IMF warn of risk to Portuguese budget targets

Arab Today, arab today

Arab Today, arab today EU, IMF warn of risk to Portuguese budget targets

Lisbo - AFP

Portugal can still reach its 2012 budget targets but the risk of failure has grown significantly, officials from the European Commission and International Monetary Fund said on Tuesday. The goal of reducing Portugal\'s public debt to 4.5 percent of gross domestic product this year is achievable but might be hampered by a large drop in tax revenues in the slowing economy, the European Union\'s executive arm said. It was reporting on progress made since Portugal was thrown a lifeline worth 78 billion euros ($96 billion) in May 2011 to prevent it from going under. The Commission acknowledged that Portugal was generally on track with respect to the terms of the bailout, which was a joint effort by the EU and the International Monetary Fund. Auditors from the EU, IMF and European Central Bank completed a fourth audit Portuguese finances last month, approving the release of a 4.0-billion-euro tranche in bailout loans to bring the total aid disbursed to 57.1 billion euros. Since the end of the audit, Portugal said its public deficit hit 7.9 percent of GDP at the end of the first quarter, making the 4.5 percent end-year and the 2013 3.0 percent targets difficult to reach. \"If fiscal revenues continue to fall, (budgetary) targets are at risk,\" IMF mission head Abebe Selassie said from Washington. The IMF said in its own report that adjustments may prove necessary but Selassie stressed that for the moment there was no need to review targets. In its report, the IMF said authorities are \"making progress in reducing economic imbalances\" but that \"a turnaround in investor sentiment has nonetheless proved elusive.\" Portugal is struggling to correct its public finances and restructure its economy under conditions laid down by the EU and IMF in return for the debt bailout. Last week, the national central bank said the economy is set to shrink by a slightly improved 3.0 percent this year, in line with troika estimates. The Portuguese central bank was less optimistic than the IMF, EU and ECB, the so-called \"troika\" of creditors, regarding the outlook for 2013. The three creditors expect Portugal to manage growth of 0.2 percent but the central bank expects stagnation. The IMF report added that Portuguese borrowing costs were markedly lower than the levels observed earlier this year. But they \"are still elevated, reflecting concerns about the high level of indebtedness\" as well as scepticism about the effectiveness of policies at the eurozone level, the IMF said. Meanwhile, the national statistics institute reported that exports rose sharply in May after a flat April.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu imf warn of risk to portuguese budget targets Arab Today, arab today eu imf warn of risk to portuguese budget targets

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu imf warn of risk to portuguese budget targets Arab Today, arab today eu imf warn of risk to portuguese budget targets

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday