Arab Today, arab today imf approves €517 bn loan to portugal
Last Updated : GMT 04:49:28
Arab Today, arab today
Arab Today, arab today

IMF approves €5.17 bn loan to Portugal

Arab Today, arab today

Arab Today, arab today IMF approves €5.17 bn loan to Portugal

Washington - AFP

The International Monetary Fund said Wednesday Portugal was making \"good progress\" in its loan-supported economic program, clearing the way for a 5.17 billion euro ($6.79 billion) installment. The money was made available after the IMF executive board completed a review of reforms that are part of a three-year 27.6 billion euro loan program established in May 2011. \"Good progress has been made on implementing policies under the program and early signs indicate that the required economic adjustment is taking place,\" said Nemat Shafik, IMF deputy managing director and acting board chair, said in a statement. \"Given the difficult external and internal environment, strong program implementation remains essential to ensure program success, rebuild market confidence, and restore growth,\" she added. The IMF particularly called on the Portuguese authorities to remain firmly on track in efforts to reduce the nation\'s budget deficit. \"The fiscal consolidation strategy remains appropriate, with the deficit target for 2012 achievable under current policies and outlook,\" it said. \"In the event that downside risks to growth materialize, a case could be made to allow automatic stabilizers to operate, but changes to fiscal targets to accommodate policy-induced slippages should be avoided at all costs.\" Including the latest tranche, the Washington-based global lender has provided 18.56 billion euros to Portugal, which last year joined Greece and Ireland in bailout programs funded by the IMF, the European Union and the European Central Bank. The IMF loan approval came a day after the so-called \"troika\" of lenders concluded an audit of Portugal\'s progress in economic reforms and austerity measurers under their three-year, 78 billion euro package. The lenders said Tuesday that Portugal could be strong enough to borrow on financial markets next year but is in a deeper recession than previously believed. The economy is now set to shrink by 3.25 percent this year, they said, pointing to a worse recession than expected so far with contraction forecast to be 3.0 percent. But the creditors commended the Portuguese government for having cut the budget deficit to 4.2 percent of gross domestic product, sharper than a 5.9 percent target. There is a resurgence of concern on financial markets that Portugal is near a danger zone of possibly needing a second international bailout, and that Spain is also at risk of needing help.

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 imf approves €517 bn loan to portugal Arab Today, arab today imf approves €517 bn loan to portugal

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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